Kalshi and Robinhood took different paths on Wednesday to challenge the Ninth Circuit’s ruling against prediction markets, as Kalshi called for the court to hold an en banc hearing to review the decision, while Robinhood reportedly asked the Supreme Court to consider the case.
The two filings are both reactions to the decision by the Ninth Circuit last month to side with the state of Nevada and deny the prediction market companies an injunction that would have protected them against state enforcement and overturned a sports event contract ban in the state.
The Ninth Circuit’s three-judge panel ruled unanimously that sports event contracts do not meet the definition of a swap, and they therefore are not protected from being banned under state gambling laws.
