New Jersey Petitions Supreme Court on Prediction Markets as Michigan Court Orders Kalshi to Keep Blocking Sports Contracts
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· body · New information from a source
New Jersey's Attorney General and state gaming authorities have filed a petition for a writ of certiorari with the US Supreme Court, seeking a ruling on Kalshi's offering of sporting-event contracts to state residents, according to Cointelegraph.CoinDesk reports New Jersey is the first state to bring the prediction-market dispute before the Supreme Court.The Block reports the state wants the justices to settle which regulator has authority over sports betting conducted through prediction markets.CNBC notes the petition follows a ruling from the 9th US Circuit Court of Appeals on sports-event contracts.Separately, a Michigan court has ordered Kalshi to keep blocking sports-related prediction markets in the state, according to The Block.The order converts a temporary restraining order issued in June into a formal injunction and sets a fine of $500,000 per day for violations, The Block reports.- New Jersey's Attorney General and state gaming authorities have filed a petition for a writ of certiorari asking the U.S.
- Supreme Court to decide how sports-event contracts on prediction markets should be regulated, according to Cointelegraph and CoinDesk.
- CoinDesk reports New Jersey is the first state to bring the question to the Supreme Court.
- The Block reports the state wants the court to settle, once and for all, who has authority over sports betting conducted through prediction markets.
- CNBC notes the petition follows a ruling from the 9th U.S.
- Circuit Court of Appeals on sports-event contracts.
· summary · New information from a source
New Jersey became the first state to ask the Supreme Court to settle prediction-market regulation, as a Michigan court ordered Kalshi to keep blocking sports contracts or pay $500,000 daily.- New Jersey has asked the US Supreme Court to settle who regulates sports-event prediction markets, while a Michigan court ordered Kalshi to keep blocking such contracts or face daily fines.
· headline · New information from a source
New Jersey Asks US Supreme Court to Rule on Prediction Markets as Michigan Court Extends Kalshi Sports-Bet Ban- New Jersey Petitions Supreme Court on Prediction Markets as Michigan Court Orders Kalshi to Keep Blocking Sports Contracts
Every change made to this story after publication is recorded here automatically. A factual error gets a correction as well, on the corrections page.
New Jersey’s Attorney General and state gaming authorities have filed a petition for a writ of certiorari asking the U.S. Supreme Court to decide how sports-event contracts on prediction markets should be regulated, according to Cointelegraph and CoinDesk. CoinDesk reports New Jersey is the first state to bring the question to the Supreme Court. The Block reports the state wants the court to settle, once and for all, who has authority over sports betting conducted through prediction markets. CNBC notes the petition follows a ruling from the 9th U.S. Circuit Court of Appeals on sports-event contracts.
Separately, a Michigan court has ordered Kalshi to continue blocking sports prediction markets in the state, according to The Block. The order converts a temporary restraining order that had been issued in June into a standing injunction, The Block reports, with violations carrying a fine of The injunction converts a temporary restraining order issued in June, and violations would result in a fine of $500,000 per day.
per day. Decrypt reports the judge’s order describes the platform as a sports betting operation “masquerading as an investment opportunity.”
The two actions add to a widening patchwork of state-level challenges to Kalshi’s sports-event contracts, with New Jersey now pushing for a nationwide resolution from the Supreme Court while Michigan enforces its own restriction with financial penalties attached.
Sources: CoinDesk, CNBC, The Block, Cointelegraph, Decrypt
This article is for information only and is not financial advice.
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Story so far 6 updates
- storyNew Jersey Petitions U.S. Supreme Court to Rule on Prediction Market Regulation, a First for Any Statefirst reported · 4 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com
- storyNew Jersey Petitions Supreme Court Over Kalshi Sports Contracts as Michigan Court Extends Injunctionupdate · 4 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com
- storyNew Jersey Petitions U.S. Supreme Court Over Kalshi's Sports Prediction Marketsupdate · 4 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com
- storyNew Jersey Petitions Supreme Court to Rule on Prediction Market Regulation as Michigan Court Orders Kalshi to Keep Blocking Sports Contractsupdate · 4 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com
- storyNew Jersey Petitions Supreme Court Over Kalshi Sports Contracts as Michigan Court Extends Banupdate · 5 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com · decrypt.co
- storyNew Jersey Asks US Supreme Court to Rule on Prediction Markets as Michigan Court Extends Kalshi Sports-Bet Banupdate · 5 sourcescoindesk.com · cnbc.com · theblock.co · cointelegraph.com · decrypt.co
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