"In this case, traditional sports betting is not permitted under state law. Platforms such as Kalshi and Polymarket operate by offering event-based contracts that are classified as trading activity rather than sports wagering. Because these products fall under federal commodities regulation, they are overseen by the CFTC instead of state gambling authorities, even though their structure and terminology may resemble aspects of betting."
"Michael S. Selig indicates that the government body would now assist markets with legal problems in the country. The move has been celebrated by the Coalition for Prediction Markets as well. This marks the first time a case like this has been filed in Alabama, which sports betting lawyer Daniel Wallach points out is particularly litigious in the gambling scene."
A class action lawsuit was filed in Alabama federal court alleging that Kalshi operated an illegal sports wagering website. Alabama bans most forms of gambling and traditionally does not permit sports betting under state law. Platforms such as Kalshi and Polymarket offer event-based contracts classified as trading activity rather than sports wagering and fall under federal commodities regulation overseen by the CFTC. CFTC Chairman Michael S. Selig indicated that the agency would assist markets facing legal problems, a move celebrated by the Coalition for Prediction Markets. The filing is the first prediction-market case in Alabama, which has seen more than 40 sweepstakes casino lawsuits.
Read at ReadWrite
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