Ohio Challenges Kalshi in Federal Appeals Court as Prediction Markets Jump to $24 Billion
Updated
Updated · WTVG · Jul 31
Ohio Challenges Kalshi in Federal Appeals Court as Prediction Markets Jump to $24 Billion
3 articles · Updated · WTVG · Jul 31
Summary
Ohio argued in federal appeals court this week that Kalshi’s event contracts should face state sports-betting rules, escalating a fight over who regulates prediction markets.
Kalshi and similar platforms are federally regulated, but states contend that when contracts let users wager on sports outcomes, the distinction from sports betting does not matter.
Trading volume underscores the stakes: prediction markets grew from less than $5 billion last September to $24 billion in April, expanding beyond politics into sports.
The case could help determine whether states can impose their own gambling laws on a fast-growing industry now operating under federal oversight.