Kalshi, Polymarket lose bids to halt Nevada and Washington gambling cases

60-second summary
Kalshi and Polymarket's bids to halt Nevada and Washington state gambling cases have been rejected by the Ninth Circuit, citing that federal derivatives oversight does not shield prediction market firms from state gaming enforcement. This ruling threatens to upend the operations of these prediction market companies, potentially impacting their business models and user bases nationwide.
The Ninth Circuit said federal derivatives oversight does not shield prediction market firms from state gaming enforcement.