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Federal court rules against Kalshi, says states can regulate prediction markets
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- Sep 28, 2026, 7:51 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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A federal appeals court ruled against Kalshi, saying Ohio and Tennessee can regulate its so-called event contracts under their gambling laws.
Ohio Gov. Mike DeWine is promising to hold prediction market platform Kalshi accountable for skirting state gambling regulations for years after a federal court ruling.
Sixth Circuit rules Kalshi's sports contracts are gambling under Ohio and Tennessee law, deepening a circuit split that could reach the Supreme Court.