The fight between U.S. states and Kalshi over prediction markets is heading to the Supreme Court. Two gambling regulator associations, IAGR and NAGRA, asked the Supreme Court to intervene amid conflicting lower court rulings on sports event contracts. In September, Polymarket and Kalshi reached a record $71 billion in combined volume. Several courts backed federal oversight by the CFTC, while others applied state gambling laws to sports prediction contracts. The rapid growth of these platforms has also attracted Congressional scrutiny, with an investigation launched into the sector’s leading firms.
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