Both KalshiEX LLC and New Jersey’s attorneys tried to convince the Third Circuit that the consequences of its ruling on federal versus state oversight of sports-related event contracts would have far-reaching implications.
The US Court of Appeals for the Third Circuit panel on Wednesday questioned what sports betting would qualify as “swaps” outside of those on a derivatives exchange like Kalshi Inc.'s where customers wager on predictions for future events under the Commodity Exchange Act. Chief Judge
Kalshi told the appellate ...