Appeals court rules Kalshi prediction markets are gambling
By The BriefBrief
An appeals court ruled that trading sports event contracts on Kalshi constitutes gambling, siding with Nevada officials in a dispute over who regulates prediction markets. The decision supports Nevada’s position that the activity falls under gambling regulation rather than securities-style oversight.
WHO:Nevada officials; appeals court
WHAT:An appeals court ruled that Kalshi’s sports event contract trading constitutes gambling and upheld Nevada’s regulatory position.
WHEN:Reported Aug 27, 2026 at 8:00 PM ET
WHERE:Nevada, USA
WHY:The court sided with Nevada officials over who regulates prediction markets, determining the Kalshi contracts are gambling.
How this story developed (showing 2 of 2 earlier reports)
