""Kalshi has met its burden for preliminary injunctive relief," Third Circuit Judge David J. Porter said in the ruling. "New Jersey frames the issue broadly (regulating all sports gambling) rather than narrowly (regulating trading on federally designated contract markets).""
""These offerings are virtually indistinguishable from the betting products available on online sportsbooks, such as DraftKings and FanDuel," Roth wrote. "While online sportsbooks are regulated by states such as New Jersey, Kalshi asserts that it is outside the bounds of state regulation because it does not offer gambling products.""
The Third Circuit Court of Appeals ruled 2-1 that Kalshi can offer sports event contracts in New Jersey, stating these markets should be regulated by the Commodity Futures Trading Commission. The ruling follows New Jersey's order to cease operations, which Kalshi challenged in court. Judge Roth dissented, arguing that sports event contracts are similar to traditional sports betting. The ruling may impact other states' arguments regarding the regulation of sports prediction markets.
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