The U.S. court rules that New Jersey does not have the authority to restrict Kalshi's sports prediction contracts.

ME News Report, April 7 (UTC+8), the Third Circuit Court of Appeals in the United States ruled that Kalshi’s offering of sports-related event contracts in New Jersey is not subject to state gambling regulation, confirming federal regulatory precedence. The court, in a 2-1 decision, held that trading on designated contract markets (DCMs) regulated by the Commodity Futures Trading Commission (CFTC) falls under federal jurisdiction, and New Jersey has no authority to block the offering of such products.
This case originated from Kalshi filing a lawsuit after receiving cease-and-desist orders from multiple states. New Jersey argued that it violated state gambling laws, but the court found that the Commodity Exchange Act explicitly grants the CFTC exclusive regulatory authority over such transactions.
Kalshi CEO Tarek Mansour called the ruling a “major victory” and stated that prediction markets offer greater transparency and fairness. (Source: ODAILY)