[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"branding":3,"analytics":7,"article-appeals-court-rules-kalshi-sports-bets-are-not-federal-swaps":10,"sections":35},{"siteName":4,"siteTagline":5,"publisherName":4,"contactEmail":6},"The Revision","Tech news, decoded.","editor@therevision.news",{"gaMeasurementId":8,"adsenseClientId":9},"G-ZW2MV82GYR","ca-pub-8533917693782264",{"article":11},{"id":12,"slug":13,"title":14,"dek":15,"body_md":16,"tags_json":17,"published_at":18,"created_at":19,"updated_at":20,"status":21,"review_note":22,"review_notes":23,"image_url":22,"persona_id":22,"persona_name":22,"section":24,"tags":25,"sources":30,"feedback":34,"feedback_at":22,"cost_usd":34,"total_tokens":34},8343,"appeals-court-rules-kalshi-sports-bets-are-not-federal-swaps","Appeals Court Rules Kalshi Sports Bets Are Not Federal Swaps","A unanimous Sixth Circuit panel sided with Ohio and Tennessee, dealing Kalshi its second straight loss in its bid to dodge state gambling law.","Kalshi's bet that federal law shields it from state gambling rules just took another hit in court.\n\nA three-judge panel on the US Court of Appeals for the Sixth Circuit ruled unanimously on Friday that Ohio and Tennessee can enforce their gambling laws against Kalshi's sports-event contracts. Kalshi had argued that because the Commodity Futures Trading Commission has exclusive federal jurisdiction over financial instruments called swaps, states have no authority to touch its sports wagers. Judge Julia Smith Gibbons, writing for the panel, rejected that framing outright, finding the contracts don't meet the legal definition of a swap in the first place. The court added that even if they did qualify as swaps, nothing in the Commodity Exchange Act stops Ohio or Tennessee from applying their own gambling statutes on top.\n\nKalshi has built its sports-betting business on the idea that one federal regulator, not a patchwork of state gaming commissions, gets to decide what counts as legal betting. This is at least the second time a federal appeals court has rejected that argument, which weakens the legal theory Kalshi is relying on in similar fights playing out in other states.\n\nFor a company that markets itself as a financial exchange rather than a bookmaker, judges keep reading the contracts and calling them what they look like: a bet.","[\"kalshi\",\"prediction markets\",\"gambling law\",\"court ruling\"]","2026-09-28T19:04:09.000Z","2026-09-29T01:30:42.252Z","2026-09-29T01:30:48.722Z","published",null,[],"policy",[26,27,28,29],"kalshi","prediction markets","gambling law","court ruling",[31],{"name":32,"url":33},"Ars Technica","https:\u002F\u002Farstechnica.com\u002Ftech-policy\u002F2026\u002F09\u002Fanother-court-rules-kalshi-sports-bets-arent-swaps-says-states-can-crack-down\u002F",0,{"sections":36},[37,42,47,50,55,60,65,70,75,80,85,90,95,100],{"name":38,"slug":39,"count":40,"latest_published_at":41},"AI","ai",4917,"2026-09-28T23:39:20.000Z",{"name":43,"slug":44,"count":45,"latest_published_at":46},"Security","security",768,"2026-09-29T01:20:00.000Z",{"name":48,"slug":24,"count":49,"latest_published_at":18},"Policy",406,{"name":51,"slug":52,"count":53,"latest_published_at":54},"Deals","deals",272,"2026-09-28T17:42:46.000Z",{"name":56,"slug":57,"count":58,"latest_published_at":59},"Hardware","hardware",191,"2026-09-28T15:45:00.000Z",{"name":61,"slug":62,"count":63,"latest_published_at":64},"Science","science",154,"2026-09-28T13:19:18.000Z",{"name":66,"slug":67,"count":68,"latest_published_at":69},"Consumer Tech","consumer-tech",139,"2026-09-28T17:09:47.000Z",{"name":71,"slug":72,"count":73,"latest_published_at":74},"Software","software",91,"2026-09-25T20:55:00.000Z",{"name":76,"slug":77,"count":78,"latest_published_at":79},"Dev Tools","dev-tools",87,"2026-09-28T16:11:42.000Z",{"name":81,"slug":82,"count":83,"latest_published_at":84},"Startups","startups",80,"2026-09-28T17:50:28.000Z",{"name":86,"slug":87,"count":88,"latest_published_at":89},"General","general",49,"2026-09-28T16:44:57.000Z",{"name":91,"slug":92,"count":93,"latest_published_at":94},"Gaming","gaming",48,"2026-09-25T18:35:21.000Z",{"name":96,"slug":97,"count":98,"latest_published_at":99},"Reviews","reviews",31,"2026-09-28T14:31:34.000Z",{"name":101,"slug":102,"count":103,"latest_published_at":104},"How-To","how-to",6,"2026-06-16T09:00:00.000Z"]