NFL Sides With States Against Kalshi in Supreme Court Prediction Market Fight
The NFL urged the Supreme Court to review a ruling that places Kalshi’s sports event contracts under the CFTC’s exclusive jurisdiction, backing appeals-court decisions that leave them subject to state gambling laws. The league argues Dodd-Frank covers risk hedging, not bets that create new risk, and says prediction markets lack adequate safeguards against manipulation, insider trading and underage participation. NFL-related contracts made up $1.8 billion of $3.3 billion traded across prediction markets on the season’s first Sunday. The NFL wants a ruling before the 2027 season, while saying it would seek stronger protections if the court sides with Kalshi. Other leagues have partnered with prediction markets, highlighting a divided industry as the Supreme Court considers a circuit split.
