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Appeals court rules against Kalshi, says prediction markets can be regulated like gambling
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- Published
- Sep 25, 2026, 9:31 PM UTC
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American online prediction gambling company
Kalshi Inc. is a prediction market platform based in Manhattan, New York City, that launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of site activity and 89% of revenue in 2025. Analysts describe activity on the platform as "heavily tied to the sports calendar". Individuals can place bets on other future outcomes, including economic indicators, weather patterns, awards, political and legislative outcomes, and military conflicts.
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The decision is the second in less than a month by an appeals court that states have a role in regulating sports-related event contracts.
Twenty states are in active litigation over whether prediction markets can be regulated by the states.
US appeals courts have varied on regulation of prediction markets, opening the door to US Supreme Court debate.