Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations

It's the latest appeals court to weigh in on the ongoing legal fight between states and prediction market providers, and the ruling creates further reason for the U.S. Supreme Court to ultimately weigh in on the matter.

Friday's ruling addresses two cases brought by Kalshi against regulators in Ohio and Tennessee. The platform wanted to secure injunctions blocking the states from suing it, and while an Ohio federal court denied Kalshi's motion, a Tennessee federal court granted it.