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Wire · regulatory

Ninth Circuit Sides With Nevada, Rules Kalshi Sports Contracts Are Gambling — Not Federal 'Swaps'

29 August 2026 · By · Wire by Fusion42

Published

29 August 2026

Topic

regulatory

◆ Sectors

Fintech

◆ Geography

United States

◆ Source

Read at californiaglobe.com →

◆ Verified

Fusion42 · 29 August 2026 · Fusion42 review

The Ninth Circuit ruled that Kalshi's sports contracts are sports bets subject to state gambling law, not federally regulated swaps, affirming Nevada's authority to regulate these contracts and deepening a legal split with the Third Circuit.

This Wire brief sits within Fusion42's coverage of Fintech, and 3 sources have reported it between 28 Aug 2026 and 29 Aug 2026.

◆ ◆ The Wire takeaway

States like Nevada now hold stronger regulatory power over sports betting platforms labelled as swaps, forcing fintech founders in prediction markets to prepare for varied state gambling regulations and potential federal preemption challenges.

◆ Coverage

3 sources · first reported 28 Aug 2026 · latest 29 Aug 2026

◆ Related on Wire

◆ Topics

Fintechkalshisports-bettinggaming-regulationcommodities-lawninth-circuit