Unchained · Wednesday, September 2, 2026
Kalshi is "disappointed" by the Ninth Circuit's ruling, stating they did not expect it. The company argues that prediction markets are fundamentally different from sports books, operating like commodities exchanges with fair and competitive pricing rather than a book generating prices against the user. They highlight that their platform promotes healthy price discovery and allows users to profit, which improves the aggregate quality of market predictions.
“Okay, that's a great question.”
“I guess it's safe to say we're disappointed. by the ruling. We didn't think it would go that way.”
“Secondly, I guess from my side, prediction markets are super different from sports books. And the exchange works exactly like a commodities exchange where the buyers face the sellers. You don't face a book that is is generating a price against you.”
“It's a fair and competitive market price, just like commodities markets or or just like interest rate or FX or equity markets.”