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Appeals court rules NJ can’t stop Kalshi bets on sports, Reuters says

Tipranks - Tipranks - Tue Apr 7, 9:38AM CDT

A three-judge panel of the Third U.S. Circuit Court of Appeals sided 2-1 with Kalshi in finding that the Commodity Exchange Act preempts state law and governs the sports-related event contracts it offers on its platform and that New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place bets on the outcome of sporting events, reported Reuters. Online sports betting companies include DraftKings (DKNG) and Flutter Entertainment (FLUT). Other publicly traded companies in the casino gaming space include Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Sportradar (SRAD) and Wynn Resorts (WYNN).

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