Kalshi has lost an appeal in a dispute over whether state authorities can regulate its sports-event contracts. The 6th US Circuit Court of Appeals ruled against the prediction market, siding with Ohio and Tennessee in applying state laws to the contracts. The decision leaves open the possibility of a future case before the US Supreme Court. The ruling concerns Kalshi’s market structure and the legal treatment of contracts tied to sporting events, with state-level regulation at the center of the dispute. Cointelegraph reported the appeals court decision on Sept. 26, 2026. The outcome marks a setback for Kalshi as it challenges state oversight of its sports-related offerings, while any further legal action would depend on a potential Supreme Court case.
