Wire · regulatory
“Kalshi May Reshuffle the Cards, but It Cannot Change the Hand”: Ninth Circuit Holds Event ...
◆ Sectors
◆ Geography
◆ Source
◆ Verified
Fusion42 · 22 September 2026 · Fusion42 review
The Ninth Circuit Court ruled that Kalshi's sports event contracts accessed from tribal lands constitute illegal class III gaming under the Indian Gaming Regulatory Act, marking a significant decision on the regulation of prediction markets as sports betting on tribal lands.
This Wire brief sits within Fusion42's coverage of Fintech, and 11 sources have reported it between 28 Aug 2026 and 25 Sep 2026.
◆ ◆ The Wire takeaway
You must treat Kalshi's event contracts as illegal sports bets under tribal law, which quickly restricts your ability to operate in tribal jurisdictions. This ruling forces fintech founders to rethink legal strategies for prediction markets tied to sports outcomes.
◆ Coverage
11 sources · first reported 28 Aug 2026 · latest 25 Sep 2026
◆ Related on Wire
◆ Topics