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Ninth Circuit lets Nevada bar Kalshi sports contracts
Image: Primary The Ninth U.S. Circuit Court of Appeals ruled Friday that Nevada can prohibit prediction-market platform Kalshi from operating in the state. The unanimous three-judge ruling held that the Commodity Exchange Act does not preempt Nevada gaming regulation for the sports event contracts Kalshi offers. Nevada's gaming regulator had issued Kalshi a cease-and-desist letter in March 2025. Kalshi said it would seek further review. The decision conflicts with an earlier Third Circuit ruling backing Kalshi's position.
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