Kalshi loses 2 more appeals as courts back state gambling laws
Kalshi’s legal shield gets thinner as 2 appeals courts side with states & a fresh lawsuit lands.
The hit
Kalshi’s legal shield just got thinner. Two circuit appeals courts refused to block state gambling laws in Connecticut, New York & Nevada, according to Ars Technica. Arkansas Attorney General Tim Griffin separately filed a fresh state-court lawsuit this week, accusing Kalshi of offering unlicensed gambling to residents as young as 18.
Why it matters
Kalshi’s central argument in these cases is that its contracts are federally regulated swaps overseen by the CFTC, not state-regulated gambling, according to Ars Technica. The Trump administration backs that position, & Donald Trump Jr serves as an advisor to Kalshi in exchange for an equity deal.
The record
| Key dispute | Kalshi says its products are CFTC-regulated swaps, not gambling |
|---|---|
| Arkansas claims | Kalshi failed to pay taxes or comply with gambling restrictions |
| Arkansas age limit | 21 for electronic wagering accounts |
What happens next
Watch for Kalshi’s response in the Arkansas state court case & whether other states file similar suits.
Sources: Kalshi court losses pile up as judges refuse to block state gambling laws
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