Court rules Kalshi sports bets aren't "swaps," just gambling with a different name

A federal appeals court ruled that Kalshi’s sports-event contracts are not swaps but gambling, allowing Nevada to enforce its gaming laws against the company. The 9th Circuit affirmed a district court order permitting the Nevada Gaming Control Board to regulate Kalshi, Crypto.com, and Robinhood’s sports betting offerings. The decision rejects the view that the Commodity Exchange Act preempts state regulation.