Kalshi and Polymarket Lose Appeal in U.S. Court, Illegal Gambling Case Remanded to State Court

The U.S. Ninth Circuit Court of Appeals on the 21st denied the request by leading prediction market operators Kalshi and Polymarket to halt proceedings in court, remanding both cases back to the state courts. Initially, the Nevada Gaming Control Board filed a lawsuit in state court in February, accusing the trading platforms of offering unlicensed gambling in certain markets. In response, Kalshi argued that the matter should fall under the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) rather than state law...