Unchained · Wednesday, September 2, 2026
The Ninth Circuit Court of Appeals ruled three-zero that Nevada can enforce its gambling laws against Kalshi's Sports Event Contracts, with Judge Ryan Nelson calling them a "quintessential form of gambling outside the CFTC's purview." This ruling directly conflicts with an April decision by the Third Circuit, which held that Kalshi is regulated by the CFTC, creating a circuit split that could lead to Supreme Court involvement.
“But the ruling was that the Ninth Circuit ruled three zero that Nevada can enforce its gambling laws against Calshe's Sports Event Contracts.”
“Uh, Judge Ryan Nelson specifically said Calshe Sports Contracts are, quote, a quintessential form of gambling outside the CFTC's purview.”
“That was in New Jersey.”
“This means we have a live circuit split, which is why I am specifically flagged the Supreme Court part.”