Three 9th Circuit Court of Appeals judges appeared skeptical of arguments by attorneys for Kalshi and two other prediction markets that Nevada gaming regulators are unfairly keeping the businesses out of the state.
During a more than two-hour hearing in San Francisco involving the Nevada Gaming Control Board’s lawsuits against Kalshi and two other prediction market operators, Crypto.com and Robinhood Derivatives, the judges sought to distinguish the business differences from Nevada’s regulated sportsbooks and the companies that are regulated federally by the federal Commodity Futures Trading Commission (CFTC).
“Explain to me the difference between a sports bet that happens in Caesars and a sports bet with [a prediction market]?” Judge Ryan Nelson asked an attorney for Crypto.com.
