Court rules Kalshi sports contracts are gambling, not financial swaps

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A court has ruled that Kalshi's sports betting contracts cannot be classified as financial 'swaps' to avoid state gambling regulations. The judges determined that rebranding the bets with a different financial term does not change their fundamental nature as gambling products. The decision means Kalshi must comply with Nevada's gambling laws rather than operating under federal financial derivatives oversight. The ruling is a significant legal setback for Kalshi, which had sought to distinguish its prediction market contracts from traditional sports betting.

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