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The U.S. Court of Appeals for the Sixth Circuit ruled for Ohio and Tennessee in a lawsuit over sports event contracts involving Kalshi, The Block reported.
The court said Kalshi did not present sufficient grounds to have its sports event contracts recognized as swaps under the Commodity Exchange Act. It also rejected Kalshi’s argument that even if the contracts qualified as swaps, federal law would preempt state gambling regulations.
The ruling allows Ohio and Tennessee to apply state gambling laws to Kalshi’s sports contracts and overturns a previous Tennessee court injunction in Kalshi’s favor.