Kalshi has won a major legal victory in New Jersey, as the first ever circuit court decision on sports event contracts went in the prediction market’s favor just three days after a major setback in Nevada.
The U.S. Court of Appeals for the Third Circuit on Monday upheld a District Court ruling granting Kalshi an injunction that prevents the state of New Jersey from enforcing its gambling laws against the business. With the 2-1 decision by the judges, it becomes the first federal appellate court to issue a ruling in either direction about whether state sports betting laws apply to prediction markets.
