Kalshi loses again as judges rule prediction markets must obey gambling laws

States beat Kalshi Kalshi loses again as judges rule prediction markets must obey gambling laws Kalshi’s defiance of state gambling laws may be headed to Supreme Court.

21 Credit: Getty Images | Bloomberg Credit: Getty Images | Bloomberg Text settings Story text Size Small Standard Large Width * Standard Wide Links Standard Orange * Subscribers only Learn more Minimize to nav Another federal appeals court has ruled that states can enforce their gambling laws against the prediction market Kalshi, which asserts that it can only be regulated by the US government. On Friday, a three-judge panel in the US Court of Appeals for the Sixth Circuit ruled unanimously against Kalshi and in favor of Ohio and Tennessee.