Appeals court says Ohio and Tennessee can regulate Kalshi under gambling laws

Kalshi lost another round Friday in its fight over whether states can treat prediction markets as gambling. A three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati ruled that Ohio and Tennessee can apply their gambling laws to Kalshi's event contracts, Reuters reported.Kalshi's central argument is that its sports contracts are "swaps," financial products that fall under the CFTC's exclusive oversight rather than state gambling rules. The court rejected that.

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