122 lawsuits and 13 administrative or enforcement actions, in 28 states and DC.
Prediction Market Litigation Tracker The fight over sports contracts is headed to the Supreme Court
Federal appeals courts have split over whether states can regulate sports event contracts. Here is every U.S. case and regulatory action we track, with its docket and latest ruling.
Supreme Court
How the question got to the Supreme Court
Whether federal commodities law preempts state gambling law for sports event contracts.
- Courts divide2025–2026District courts reach opposite answers on whether sports contracts are swaps and whether federal law preempts state gambling law.
- First appellate rulingApril 6, 2026The Third Circuit rules 2–1 for Kalshi against New Jersey.
- Circuit splitAugust 28, 2026The Ninth Circuit rules against Kalshi in Nevada, 3–0.
- Petitions filedSep 2–11, 2026New Jersey, Robinhood and, reportedly, Crypto.com’s exchange ask the Supreme Court to decide.
- The Court decidesNo dateFour justices must vote to hear a case before briefing and argument. None has been granted.
| Third Circuit | New Jersey (KalshiEX v. Flaherty) | Decided Apr 6, 2026: 2–1 for Kalshi |
|---|---|---|
| Ninth Circuit | Nevada (KalshiEX v. Assad) | Decided Aug 28, 2026: 3–0 against Kalshi; rehearing petition pending |
| Sixth Circuit | Ohio and Tennessee, consolidated; CFTC a party | Argued Jul 30, 2026 |
| Fourth Circuit | Maryland Lottery and Gaming Control Commission | Argued May 7, 2026 |
| Second Circuit | New York and Connecticut | Briefing |
Appeals courts holding the same question. Opinions: Third Circuit · Ninth Circuit
Who’s suing whom
Who is bringing cases, and against whom
Every matter’s parties, from its record. Pick a relationship or a party to see its cases in the table below.
- 122Unique lawsuits
- 13Administrative or enforcement matters
- 30Unique appellate dockets
- 28States involvedplus DC
- 71Primary source verified
Type of matter
Who brings cases against whom
A matter with several parties on a side counts once in each relationship it belongs to.
Parties
Federal regulators 2
States, DC and cities 22
Tribal nations 8
Platforms 12
Private plaintiffs and individuals 6
All cases
Every matter, most recent activity first
135 records: 122 lawsuits and 13 administrative or enforcement actions. Open a row for the latest activity, parties, docket and every source.
| Status | Sources | |||
|---|---|---|---|---|
QCX LLC d/b/a Polymarket US v. James et al.Platform challenge · U.S. District Court for the Southern District of New YorkSeptember 30, 2026: Judge Ronnie Abrams ordered the parties in both related cases to confer and submit a joint letter within seven days addressing an initial status conference or a stay pending related Second Circuit appeals. The order did not grant a stay or decide the merits. Polymarket US filed this separate federal complaint on September 24 seeking declaratory and injunctive relief against New York officials.
| New York | September 30, 2026 | Joint letter ordered; no stay or merits ruling | Sources› |
Letitia James, Attorney General of the State of New York on behalf of the People of the State of New York v. QCX LLC d/b/a Polymarket USState · U.S. District Court for the Southern District of New YorkSeptember 30, 2026: Judge Ronnie Abrams ordered the parties in both related cases to confer and submit a joint letter within seven days addressing an initial status conference or a stay pending related Second Circuit appeals. The order did not grant a stay or decide the merits. New York filed its civil enforcement petition on September 24, alleging violations of state gambling law; Polymarket US removed that action to federal court.
| New York | September 30, 2026 | Joint letter ordered; no stay or merits ruling | Sources› |
KalshiEX LLC v. Knudsen et al.Platform challenge · U.S. District Court for the District of MontanaDismissed by stipulation; the court entered its Order Dismissing Case (Doc. 36) on September 21, 2026. Kalshi dropped its claims; Montana gambling regulators agreed not to enforce against its event contracts, with 30 days’ notice before any future action. Montana Lottery Commission claims dismissed with prejudice; Attorney General claims dismissed without prejudice.
| Montana | September 21, 2026 | Dismissed by joint stipulation (court order entered) | Sources› |
Missouri attorney general prediction-market cease-and-desist lettersState · Missouri Attorney GeneralOn Sept. 16–17, 2026, the attorney general directed six operators to comply with Missouri sports-wagering licensing, tax and age rules or cease Missouri sports-event contracts, with confirmation due within 30 days. No lawsuit, operator response or adjudicatory ruling has been verified.
| Missouri | September 17, 2026 | Cease-and-desist letters issued — compliance or challenges not yet verified | Sources› |
Blue Lake Rancheria et al. v. KalshiEX LLC et al.Tribal · U.S. District Court, Northern District of California; on appeal to the Ninth CircuitSeptember 16, 2026: The Ninth Circuit reversed the IGRA portion of the preliminary-injunction denial, holding that the tribes are likely to succeed in showing Kalshi’s sports-event contracts violate IGRA when offered on tribal lands. No injunction has issued; the case returns to the district court for the remaining preliminary-injunction factors.
| California | September 16, 2026 | Ninth Circuit remand, no injunction yet | Sources› |
KalshiEX LLC v. Bird et al.Platform challenge · U.S. District Court, Southern District of IowaSeptember 15, 2026 — Kalshi filed an interlocutory notice of appeal from the order denying preliminary injunctive relief. The district clerk notified the U.S. court of appeals; no Eighth Circuit case number or appellate ruling was confirmed when checked. The notice does not stay or reverse the denial.
| Iowa | September 15, 2026 | On appeal — preliminary injunction denied | Sources› |
Underdog Exchange DCM, Inc. et al. v. Brown et al.Platform challenge · U.S. District Court for the Western District of WashingtonSeptember 14, 2026 — Judge Robert Lasnik recused, and the case was reassigned to Judge Thomas Zilly. No merits ruling has issued.
| Washington | September 14, 2026 | Filed — relief not granted | Sources› |
United States of America and Commodity Futures Trading Commission v. State of Arizona et al.Federal · U.S. District Court, District of ArizonaSeptember 14, 2026 — Arizona filed a motion asking the Ninth Circuit to summarily vacate the preliminary injunction as to sports-event contracts and remand the election-contract issues. The court has not ruled.
| Arizona | September 14, 2026 | Preliminary injunction; summary disposition request pending | Sources› |
United States of America and Commodity Futures Trading Commission v. State of New York et al.Federal · U.S. District Court for the Southern District of New YorkSeptember 14, 2026 — The court heard argument on the federal plaintiffs’ preliminary-injunction motion. No ruling has issued.
| New York | September 14, 2026 | Preliminary-injunction motion pending | Sources› |
Connecticut DCP prediction-market cease-and-desist ordersState · Connecticut Department of Consumer ProtectionSeptember 12, 2026 — Published excerpts of a Connecticut DCP subpoena signed September 9 seek media records concerning Connecticut-directed prediction-market advertising from January 1, 2025 onward, including contracts, advertisements, run logs, audience reports, legal representations, targeting instructions and sponsorships. The excerpts do not establish that recipients are under investigation or provide the complete recipient list.
| Connecticut | September 12, 2026 | Cease-and-desist orders issued — compliance or challenges not yet verified | Sources› |
North American Derivatives Exchange, Inc. v. State of Nevada et al.Platform challenge · U.S. District Court for the District of NevadaSeptember 11, 2026 — Daniel Wallach reported that North American Derivatives Exchange filed a petition for a writ of certiorari asking the U.S. Supreme Court to review the Ninth Circuit’s Nevada sports-event-contract ruling. The Supreme Court has not granted review, and no public Supreme Court docket number had been confirmed when checked.
| Nevada | September 11, 2026 | Certiorari petition reported — review not granted | Sources› |
United States of America and Commodity Futures Trading Commission v. State of Connecticut et al.Federal · U.S. District Court, District of ConnecticutSept. 11, 2026 — Plaintiffs moved for a preliminary injunction. Robinhood filed notice supporting its pending, unopposed motion to intervene. Neither request has been granted.
| Connecticut | September 11, 2026 | Preliminary injunction and intervention motions pending | Sources› |
Moran v. KalshiEX LLC et al.Federal · U.S. District Court for the Eastern District of Virginia, Alexandria DivisionMoran alleges Kalshi improperly disciplined him for trading on his own candidacy. The complaint seeks damages and declaratory and injunctive relief; no merits ruling has been entered.
| Virginia | September 10, 2026 | Filed — relief not granted | Sources› |
KalshiEX LLC v. New York State Gaming CommissionPlatform challenge · U.S. District Court, Southern District of New York; on appeal to the Second CircuitBy September 10, 2026 — The CFTC filed an amicus brief supporting Kalshi’s position in Second Circuit No. 26-1835. The Commission argues that it has regulated event contracts for decades, that extending the same jurisdiction to sports contracts is not a newly discovered power, and that the Ninth Circuit’s major-questions analysis was mistaken. These are the Commission’s arguments; the Second Circuit has not ruled.
| New York | September 10, 2026 | Appeal pending — opening brief and CFTC amicus filed | Sources› |
KalshiEX, LLC v. AssadPlatform challenge · U.S. Court of Appeals for the Ninth Circuit (from D. Nev.)September 9, 2026 — Kalshi petitioned for rehearing and rehearing en banc of the Ninth Circuit’s August 28 preliminary-injunction decision. The petition remains pending; rehearing has not been granted and the panel opinion has not been vacated.
| Nevada | September 9, 2026 | Panel ruling; rehearing petition pending | Sources› |
Robinhood Derivatives, LLC v. Dreitzer et al.Platform challenge · U.S. District Court for the District of NevadaSeptember 9, 2026 — Robinhood Derivatives filed a petition for a writ of certiorari seeking Supreme Court review of the Ninth Circuit’s ruling concerning Nevada regulation of sports-event contracts. The Supreme Court has not agreed to hear the case, and its public docket had not yet assigned a case number when checked September 10.
| Nevada | September 9, 2026 | Certiorari petition filed — review not granted | Sources› |
KalshiEX LLC v. MartinPlatform challenge · U.S. Court of Appeals for the Fourth Circuit (from D. Md.)September 9, 2026 — Maryland and Kalshi filed opposing Rule 28(j) letters addressing the Ninth Circuit’s KalshiEX LLC v. Assad decision. Maryland argues that Assad supports affirmance because sports-event contracts are not swaps and current CFTC regulation bars gaming contracts. Kalshi argues that the decision is nonbinding, misreads the Commodity Exchange Act and will be undermined by the CFTC’s proposed event-contract rule. These are the parties’ positions; the Fourth Circuit has not ruled.
| Maryland | September 9, 2026 | ON APPEAL — RULE 28(j) LETTERS FILED | Sources› |
Underdog Exchange DCM, Inc. et al. v. Campbell et al.Platform challenge · U.S. District Court for the District of MassachusettsSeptember 8, 2026 — Underdog Exchange DCM and UDM, doing business as Underdog Predict, filed this federal action seeking declaratory and permanent injunctive relief against state enforcement of gambling laws over its event-contract business. The complaint asserts Commodity Exchange Act preemption; the court has not decided that claim or granted an injunction.
| Massachusetts | September 8, 2026 | Filed — relief not granted | Sources› |
Underdog Exchange DCM, Inc. et al. v. Torrez et al.Platform challenge · U.S. District Court for the District of New MexicoSeptember 8, 2026 — Underdog Exchange DCM and UDM, doing business as Underdog Predict, filed this federal action seeking declaratory and permanent injunctive relief against state enforcement of gambling laws over its event-contract business. The complaint asserts Commodity Exchange Act preemption; the court has not decided that claim or granted an injunction.
| New Mexico | September 8, 2026 | Filed — relief not granted | Sources› |
Underdog Exchange DCM, Inc. et al. v. Wilson et al.Platform challenge · U.S. District Court for the Northern District of OhioSeptember 8, 2026 — Underdog Exchange DCM and UDM, doing business as Underdog Predict, filed this federal action seeking declaratory and permanent injunctive relief against state enforcement of gambling laws over its event-contract business. The complaint asserts Commodity Exchange Act preemption; the court has not decided that claim or granted an injunction.
| Ohio | September 8, 2026 | Filed — relief not granted | Sources› |
Underdog Exchange DCM, Inc. et al. v. Kaul et al.Platform challenge · U.S. District Court for the Western District of WisconsinSeptember 8, 2026 — Underdog Exchange DCM and UDM, doing business as Underdog Predict, filed this federal action seeking declaratory and permanent injunctive relief against state enforcement of gambling laws over its event-contract business. The complaint asserts Commodity Exchange Act preemption; the court has not decided that claim or granted an injunction.
| Wisconsin | September 8, 2026 | Filed — relief not granted | Sources› |
Illinois Gaming Board cease-and-desist proceedings concerning KalshiEX LLC and other designated contract markets; related cases United States of America and CFTC v. State of Illinois et al. and KalshiEX LLC v. Raoul et al.State · Administrative — Illinois Gaming BoardSeptember 8, 2026 — Illinois defendants moved for leave to cite the Iowa federal decision denying Kalshi a preliminary injunction as supplemental authority. They argued that the Iowa court’s treatment of sports-event contracts and Commodity Exchange Act preemption bears on the pending Illinois injunction motions. The filing did not decide those motions.
| Illinois | September 8, 2026 | Cease-and-desist — enforcement enjoined | Sources› |
Robinhood Derivatives, LLC v. Nessel et al.Platform challenge · U.S. District Court for the Western District of MichiganSeptember 4, 2026 — Judge Paul L. Maloney entered the parties’ stipulation requiring Robinhood to cease offering new sports-related event contracts to Michigan customers by September 9 and close remaining Michigan customer positions by October 9. Michigan officials agreed to forbear from sports-event-contract enforcement against Robinhood while it complies. The arrangement remains in place pending final resolution of the specified Sixth Circuit appeals, including any Supreme Court proceedings, or dissolution of the state-court injunction in Nessel v. KalshiEX LLC. The stipulation is without prejudice and does not decide the merits.
| Michigan | September 4, 2026 | On appeal — michigan sports contracts paused by stipulation/order | Sources› |
KalshiEX LLC v. FlahertyPlatform challenge · U.S. Supreme Court (from the Third Circuit)September 2, 2026 — New Jersey filed a petition for a writ of certiorari asking whether the Dodd-Frank Act preempts states from regulating sports bets offered on CFTC-registered markets. The petition cites the direct conflict between the Third Circuit’s ruling for Kalshi and the Ninth Circuit’s August 28 ruling against Kalshi. Supreme Court docket assignment remains pending.
| New Jersey | September 2, 2026 | Certiorari petition filed | Sources› |
Dana Nessel, Michigan Attorney General, on behalf of the People of Michigan and the Michigan Gaming Control Board v. KalshiEX LLCState · Michigan state court (remanded from federal court)September 1, 2026 — Ingham County Circuit Judge Rosemarie E. Aquilina entered a preliminary injunction restricting Kalshi from offering or facilitating products constituting internet sports betting to people located in Michigan. The order requires Kalshi to use a Michigan-licensed third-party geolocation provider, requires notice to relevant futures commission merchants within three business days and provides for a $500,000-per-day fine for each day the court finds that Kalshi failed to comply with its geolocation requirements. The order remains effective until a final order is issued. Sixth Circuit No. 26-1639, arising from Kalshi's appeal of the June 25 remand order, remains separately docketed.
| Michigan | September 1, 2026 | Preliminary injunction in effect | Sources› |
KalshiEX LLC v. Connecticut regulatorsPlatform challenge · U.S. District Court, District of Connecticut; on appeal to the Second CircuitBy September 1, 2026, Kalshi had filed Second Circuit briefing arguing that the Commodity Exchange Act gives the CFTC exclusive jurisdiction over transactions conducted on a designated contract market even if the underlying agreement is not a swap. This is Kalshi’s appellate argument, not a court ruling.
| Connecticut | September 1, 2026 | On appeal | Sources› |
Pernas v. KalshiEX LLCFederal · U.S. District Court for the Southern District of New YorkAugust 31, 2026 — Nicolas Pernas alleged that Kalshi improperly resolved the KXWLEADER-25-JT “Who will Trump meet with in 2025?” Justin Trudeau contract in the negative, canceled resting orders and restricted his ability to withdraw approximately $25,000 in liquid cash. The complaint asserts contract, Commodity Exchange Act, misrepresentation, fraud and New York consumer-protection claims; these are allegations, not findings. Judge Margaret M. Garnett denied the plaintiff’s same-day temporary-restraining-order request, and the underlying case remains pending.
| New York | August 31, 2026 | Tro denied; case pending | Sources› |
State of Connecticut v. KalshiEX LLC et al.State · Connecticut Superior Court / U.S. District Court for the District of ConnecticutAugust 31, 2026 — the removed federal action was reassigned from Judge Sarala V. Nagala to Judge Vernon D. Oliver for all further proceedings. The reassignment order did not decide the pending remand issue.
| Connecticut | August 31, 2026 | Removed — reassigned in federal court | Sources› |
Ohio Casino Control Commission administrative action against KalshiState · Ohio Casino Control Commission; U.S. District Court for the Southern District of Ohio; U.S. Court of Appeals for the Sixth CircuitAugust 31, 2026 — Ohio appellees filed a Federal Rule of Appellate Procedure 28(j) letter in the consolidated Sixth Circuit appeals identifying the Ninth Circuit’s August 25 decision in KalshiEX LLC v. Assad as supplemental authority. The letter presents Ohio’s argument that Assad supports affirmance; it did not decide the appeal.
| Ohio | August 31, 2026 | Appeal pending — supplemental authority filed | Sources› |
Nevada Gaming Control Board v. Coinbase Financial Markets, Inc.State · First Judicial District Court of Nevada— originating action filed; primary docket verified August 28, 2026.
| Nevada | August 28, 2026 | Active / pending | Sources› |
Coinbase Financial Markets, Inc. v. Ford et al.Platform challenge · U.S. District Court for the District of Nevada— originating action filed; primary docket verified August 28, 2026.
| Nevada | August 28, 2026 | Active / pending | Sources› |
Warga v. Winklevoss et al.Federal · Class action · Eighth Judicial District Court of Nevada— originating action filed; primary docket verified August 28, 2026.
| Nevada | August 28, 2026 | Active / pending | Sources› |
Robinhood Derivatives, LLC v. Flaherty et al.Platform challenge · U.S. District Court for the District of New Jersey— originating action filed; primary docket verified August 28, 2026.
| New Jersey | August 28, 2026 | Active / pending | Sources› |
North American Derivatives Exchange, Inc. v. Martin et al.Platform challenge · U.S. District Court for the District of Maryland— originating action filed; primary docket verified August 28, 2026.
| Maryland | August 28, 2026 | Active / pending | Sources› |
KalshiEX LLC v. Morrison et al.Platform challenge · Franklin County Court of Common Pleas— originating action filed; primary docket verified August 28, 2026.
| Ohio | August 28, 2026 | Active / pending | Sources› |
Robinhood Derivatives, LLC v. Campbell et al.Platform challenge · U.S. District Court for the District of Massachusetts— originating action filed; primary docket verified August 28, 2026.
| Massachusetts | August 28, 2026 | Active / pending | Sources› |
Ludlow Exchange LLC v. Campbell et al.Platform challenge · U.S. District Court for the District of Massachusetts— originating action filed; primary docket verified August 28, 2026.
| Massachusetts | August 28, 2026 | Active / pending | Sources› |
Coinbase Financial Markets, Inc. v. Nessel et al.Platform challenge · U.S. District Court for the Eastern District of Michigan— originating action filed; primary docket verified August 28, 2026.
| Michigan | August 28, 2026 | Active / pending | Sources› |
Coinbase Financial Markets, Inc. v. Tong et al.Platform challenge · U.S. District Court for the District of Connecticut— originating action filed; primary docket verified August 28, 2026.
| Connecticut | August 28, 2026 | Active / pending | Sources› |
Ludlow Exchange LLC v. James et al.Platform challenge · U.S. District Court for the Southern District of New York— originating action filed; primary docket verified August 28, 2026.
| New York | August 28, 2026 | Active / pending | Sources› |
Coinbase Financial Markets, Inc. v. Raoul et al.Platform challenge · U.S. District Court for the Northern District of Illinois— originating action filed; primary docket verified August 28, 2026.
| Illinois | August 28, 2026 | Active / pending | Sources› |
Brown v. Kalshi, Inc.Federal · Class action · U.S. District Court for the Western District of Washington— originating action filed; primary docket verified August 28, 2026.
| Washington | August 28, 2026 | Active / pending | Sources› |
Ludlow Exchange LLC v. Brown et al.Platform challenge · U.S. District Court for the Western District of Washington— originating action filed; primary docket verified August 28, 2026.
| Washington | August 28, 2026 | Active / pending | Sources› |
State of Wisconsin v. Blockratize, Inc. et al.State · Wisconsin Circuit Court / U.S. District Court for the Western District of Wisconsin— originating action filed; primary docket verified August 28, 2026.
| Wisconsin | August 28, 2026 | Active / pending | Sources› |
State of Wisconsin v. Foris Dax Markets, Inc.State · Wisconsin Circuit Court / U.S. District Court for the Western District of Wisconsin— originating action filed; primary docket verified August 28, 2026.
| Wisconsin | August 28, 2026 | Active / pending | Sources› |
Ludlow Exchange LLC v. Kaul et al.Platform challenge · U.S. District Court for the Western District of Wisconsin— originating action filed; primary docket verified August 28, 2026.
| Wisconsin | August 28, 2026 | Active / pending | Sources› |
Ludlow Exchange LLC v. Torrez et al.Platform challenge · U.S. District Court for the District of New Mexico— originating action filed; primary docket verified August 28, 2026.
| New Mexico | August 28, 2026 | Active / pending | Sources› |
KalshiEX LLC v. Raoul et al.Platform challenge · U.S. District Court, Northern District of IllinoisAugust 28, 2026 — Illinois defendants moved for leave to cite the Ninth Circuit’s decision in KalshiEX LLC v. Assad, No. 25-7516, as supplemental authority. They argued that the opinion may help resolve the pending preliminary-injunction motions because it held that sports event contracts likely are not swaps under the Commodity Exchange Act. The motions remain pending.
| Illinois | August 28, 2026 | Pi motion pending — supplemental authority filed | Sources› |
The State of Rhode Island, by and through Attorney General Peter F. Neronha v. KalshiEX LLC and QCX LLC d/b/a Polymarket USPlatform challenge · State · U.S. District Court, District of Rhode Island; Rhode Island state courtAugust 28, 2026 — Rhode Island defendants filed a notice citing the Ninth Circuit’s decision in KalshiEX LLC v. Assad, No. 25-7516, as supplemental authority in the consolidated cases. The preliminary-injunction motions, argued August 3, remain under advisement.
| Rhode Island | August 28, 2026 | Pi motions pending — supplemental authority filed | Sources› |
KalshiEX LLC v. Furcolo et al.Federal · Platform challenge · U.S. District Court, District of Rhode IslandAugust 28, 2026 — Rhode Island defendants filed a notice of supplemental authority in the lead case, citing the Ninth Circuit’s decision in KalshiEX LLC v. Assad, No. 25-7516. The notice also applies to the consolidated state case; the preliminary-injunction motions remain pending.
| Rhode Island | August 28, 2026 | Pi motions pending — supplemental authority filed | Sources› |
North American Derivatives Exchange Inc. v. BrownPlatform challenge · U.S. District Court (Washington)2026-08-26: Case reassigned to U.S. District Judge John C. Coughenour. The parties filed a stipulation and proposed order concerning enforcement on August 18, but the docket through August 26 does not show an entered stay order.
| Washington | August 26, 2026 | Pending | Sources› |
Mescalero Apache Tribe, Pueblo of Isleta, Pueblo of Pojoaque, and Pueblo of Sandia v. Kalshi, Inc. and KalshiEX, LLCTribal · U.S. District Court, District of New Mexico2026-08-26: The court set a consolidated hearing for September 23, 2026 on defendants' motion to dismiss and plaintiffs' preliminary-injunction motion.
| New Mexico | August 26, 2026 | Pending | Sources› |
Commodity Futures Trading Commission v. Michele SpagnuoloFederal · U.S. District Court, Southern District of New YorkNo disposition identified through August 26, 2026
| New York | August 26, 2026 | Pending | Sources› |
Commonwealth of Massachusetts v. KalshiEX LLCFederal · State · Massachusetts state court; parallel federal action D. Mass.; Massachusetts Supreme Judicial Court2026-08-24 — a related federal court stayed Ludlow Exchange LLC v. Campbell pending the SJC's decision in SJC-13906, confirming that the Kalshi appeal remained pending without an SJC merits decision.
| Massachusetts | August 24, 2026 | Injunction stayed pending appeal | Sources› |
United States of America and Commodity Futures Trading Commission v. State of Minnesota et al.Federal · U.S. District Court, District of Minnesota2026-08-18: Notice and Order for Pretrial Conference entered as ECF No. 87; Rule 16 conference set for 2026-10-13. The 2026-07-27 preliminary injunction remains operative pending a final merits decision.
| Minnesota | August 18, 2026 | Preliminary injunction granted | Sources› |
KalshiEX LLC v. Keith Ellison, in his official capacity as Attorney General of Minnesota, et al.Platform challenge · U.S. District Court, District of Minnesota2026-08-18: Order/Notice of Hearing/Deadlines entered as ECF No. 62 for the Rule 16 pretrial conference. The 2026-07-27 preliminary injunction remains operative pending a final merits decision.
| Minnesota | August 18, 2026 | Preliminary injunction granted | Sources› |
QCX LLC, doing business as Polymarket US v. Keith Ellison, in his official capacity as Attorney General of Minnesota, et al.Platform challenge · U.S. District Court, District of Minnesota2026-08-18: Order/Notice of Hearing/Deadlines entered as ECF No. 59 for the Rule 16 pretrial conference. The 2026-07-27 preliminary injunction remains operative pending a final merits decision.
| Minnesota | August 18, 2026 | Preliminary injunction granted | Sources› |
City of Baltimore ex rel. Ebony Thompson v. KalshiEX LLC et al.State · Circuit Court for Baltimore CityAugust 13, 2026
| Maryland | August 13, 2026 | Filed | Sources› |
City of Baltimore ex rel. Ebony Thompson v. QCX LLC et al.State · Circuit Court for Baltimore CityAugust 2026
| Maryland | August 13, 2026 | Filed | Sources› |
In the Matter of KalshiEX LLC’s Notice Regarding Market Emergency DeclarationFederal · Administrative — CFTC2026-08-11: CFTC directed Kalshi to continue performing its DCM functions under CEA §8a(9).
| New York | August 11, 2026 | Order in effect | Sources› |
FlightAware LLC v. Kalshi Inc. et al.Federal · U.S. District Court for the Southern District of New YorkAugust 11, 2026 — FlightAware voluntarily dismissed the action without prejudice.
| New York | August 11, 2026 | Voluntarily dismissed without prejudice | Sources› |
People of the State of New York, by Letitia James, Attorney General of the State of New York v. Coinbase Financial Markets, Inc.State · New York state court2026-08-10 — the federal court rescheduled the initial conference to August 31; the remand motion remained pending.
| New York | August 10, 2026 | Pending | Sources› |
Coalition for Fair Markets v. Kentucky Department of RevenuePlatform challenge · Franklin Circuit Court, Kentucky2026-08-10 — the federal court accepted Coalition for Fair Markets' complaint in intervention in No. 3:26-cv-00049; a joint scheduling motion followed on August 20.
| Kentucky | August 10, 2026 | Pending | Sources› |
State of Wisconsin v. Kalshi, Inc., KalshiEX LLC, Kalshi Klear Inc., Kalshi Klear LLC, Kalshi Trading LLC, Coinbase entities, and Robinhood entitiesState · Wisconsin Circuit Court; removed to W.D. Wisconsin2026-08-07 — reply brief and supporting declaration were filed in the preliminary-injunction proceedings; no merits ruling was shown through August 26.
| Wisconsin | August 7, 2026 | Preliminary injunction motion pending | Sources› |
KalshiEX LLC v. CoxPlatform challenge · State · U.S. District Court, District of UtahAugust 5, 2026
| Utah | August 5, 2026 | Enforcement permitted | Sources› |
QCX, LLC v. Nessel et al.; on appeal, QCX, LLC v. Dana NesselPlatform challenge · U.S. District Court, Western District of Michigan; on appeal to the Sixth Circuit2026-08-05: The district court stayed its proceedings pending appeal and adjourned the Rule 16 conference. The Sixth Circuit had denied expedited/consolidated treatment on July 2 and ordered the appeal to proceed in the normal course.
| Michigan | August 5, 2026 | On appeal | Sources› |
New York v. KalshiEX LLCState · New York Supreme Court, New York County — removal to S.D.N.Y. contestedAugust 2026
| New York | August 1, 2026 | Pending — removal disputed | Sources› |
Connecticut cease-and-desist orders to prediction market platformsState · Administrative — Dept. of Consumer Protection, Gaming DivisionAugust 2026
| Connecticut | August 1, 2026 | Cease-and-desist — enforcement enjoined | Sources› |
In the Matter of George Anthony Devolder SantosFederal · Commodity Futures Trading CommissionJuly 31, 2026
| Federal | July 31, 2026 | Resolved — disgorgement, civil penalty, cease-and-desist order and three-year trading ban | Sources› |
Azar Barrionuevo v. Adventure One QSS, Inc.Federal · U.S. District Court for the Northern District of IllinoisJuly 31, 2026 — originating action filed; primary docket verified August 28, 2026.
| Illinois | July 31, 2026 | Active / pending | Sources› |
Tennessee Sports Wagering Council cease-and-desist orderState · Administrative — Tennessee Sports Wagering CouncilJuly 30, 2026
| Tennessee | July 30, 2026 | Cease-and-desist — enforcement enjoined | Sources› |
KalshiEX LLC v. Schuler et al.Federal · Platform challenge · U.S. Court of Appeals for the Sixth Circuit (from S.D. Ohio)July 30, 2026
| Ohio | July 30, 2026 | Preliminary injunction denied | Sources› |
KalshiEX LLC v. Orgel et al.Platform challenge · U.S. District Court, Middle District of Tennessee; on appeal to the Sixth CircuitJuly 30, 2026
| Tennessee | July 30, 2026 | Preliminary injunction granted | Sources› |
United States of America and Commodity Futures Trading Commission v. State of Illinois et al.Federal · U.S. District Court, Northern District of Illinois2026-07-29: Supplemental-authority filing followed full briefing on Illinois’s motion to stay and the federal plaintiffs’ preliminary-injunction motion; both remained pending through August 26.
| Illinois | July 29, 2026 | Pending — stay and pi motions briefed | Sources› |
State of Washington v. KalshiEX LLCState · King County Superior Court, Washington; removed action in W.D. Washington2026-07-16 — Ninth Circuit stayed briefing pending mandates in Nos. 25-7187, 25-7516, and 25-7831.
| Washington | July 16, 2026 | Final enforcement order | Sources› |
In the Matter of KalshiEX LLC’s Notice Regarding Market Emergency Declaration and Emergency Rule Filing Pursuant to Commission Regulation 40.6(a)Federal · Administrative — CFTC2026-07-14: CFTC stayed Kalshi’s emergency rule and directed it to fulfill open trades involving Michigan residents.
| Michigan | July 14, 2026 | Order in effect | Sources› |
Vazquez et al. v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkJuly 9, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | July 9, 2026 | Active / pending | Sources› |
Wood et al. v. Adventure One QSS, Inc. et al.State · Supreme Court of New York, New York CountyJuly 6, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | July 6, 2026 | Active / pending | Sources› |
QCX LLC d/b/a Polymarket US v. Raúl Torrez et al.Platform challenge · U.S. District Court, District of New MexicoJuly 5, 2026
| New Mexico | July 5, 2026 | Pending | Sources› |
Commodity Futures Trading Commission v. Gannon Ken Van DykeFederal · U.S. District Court, Southern District of New YorkJuly 1, 2026
| New York | July 1, 2026 | Pending; dismissal challenge reported | Sources› |
National Association of Consumer Advocates v. Adventure One QSS, Inc. et al.State · Superior Court of the District of ColumbiaJune 26, 2026 — originating action filed; primary docket verified August 28, 2026.
| District of Columbia | June 26, 2026 | Active / pending | Sources› |
United States and CFTC v. Commonwealth of Kentucky et al.Federal · U.S. District Court (Kentucky)June 2026
| Kentucky | June 23, 2026 | Pending | Sources› |
Kentucky v. KalshiEX LLC et al.State · Franklin Circuit Court, KentuckyJune 17, 2026
| Kentucky | June 17, 2026 | Pending | Sources› |
Kentucky v. QCX LLC et al. — Polymarket relationshipState · Franklin Circuit Court, KentuckyJune 17, 2026
| Kentucky | June 17, 2026 | Pending | Sources› |
Austin et al. v. Robinhood Markets, Inc. et al.Federal · Class action · U.S. District Court for the Northern District of CaliforniaJune 17, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | June 17, 2026 | Consolidated into Chehal | Sources› |
Nevada ex rel. Gaming Control Board v. KalshiEX LLCState · First Judicial District Court, Carson City, Nevada (Judge Jason Woodbury)June 15, 2026
| Nevada | June 15, 2026 | Preliminary injunction granted | Sources› |
James v. Kalshi, Inc. et al.Federal · Class action · U.S. District Court for the Southern District of CaliforniaJune 15, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | June 15, 2026 | Active / pending | Sources› |
United States and CFTC v. State of New Mexico et al.Federal · U.S. District Court, District of New MexicoJune 12, 2026
| New Mexico | June 12, 2026 | Pending | Sources› |
North American Derivatives Exchange, Inc. d/b/a OG v. Letitia James et al.Platform challenge · U.S. District Court, Southern District of New YorkJune 12, 2026
| New York | June 12, 2026 | Pending | Sources› |
Mazza v. Robinhood Markets, Inc. et al.Federal · Class action · U.S. District Court for the Northern District of CaliforniaJune 12, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | June 12, 2026 | Consolidated into Chehal | Sources› |
Collar et al. v. Robinhood Markets, Inc. et al.Federal · Class action · U.S. District Court for the Northern District of CaliforniaJune 12, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | June 12, 2026 | Consolidated into Chehal | Sources› |
United States and CFTC v. State of Wisconsin et al.Federal · U.S. District Court, Eastern District of WisconsinJune 10, 2026
| Wisconsin | June 10, 2026 | Pending | Sources› |
Matthew Slovin v. KalshiEX LLCState · Supreme Court of New York, New York CountyJune 9, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | June 9, 2026 | Active / pending | Sources› |
New Mexico v. Kalshi, Inc. et al.State · First Judicial District Court, Santa Fe County, New MexicoJune 8, 2026
| New Mexico | June 8, 2026 | Pending — removal disputed | Sources› |
State of Arizona v. KalshiEX LLCState · Arizona state court (Maricopa County)2026-06-04 — Ninth Circuit proceedings in No. 26-2978 were stayed pending mandates in three related appeals.
| Arizona | June 4, 2026 | Prosecution enjoined | Sources› |
State of Arizona v. Kalshi Trading LLCState · Maricopa County Superior CourtJune 4, 2026 — related Ninth Circuit proceedings were stayed pending mandates in related appeals.
| Arizona | June 4, 2026 | Prosecution enjoined | Sources› |
KalshiEX LLC v. Nevada Gaming Control Board — consolidated appealPlatform challenge · U.S. Court of Appeals for the Ninth Circuit (from D. Nev.)May 21, 2026
| Nevada | May 21, 2026 | On appeal | Sources› |
Martin Trinidad et al. v. Kalshi, Inc. et al.State · Supreme Court of New York, New York CountyMay 20, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | May 20, 2026 | Active / pending | Sources› |
Roberts v. Kalshi, Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkMay 11, 2026 — originating action filed; primary docket verified August 28, 2026.
| Kentucky | May 11, 2026 | Active / pending | Sources› |
Maryland Lottery and Gaming Control Agency cease-and-desist orderState · Administrative — Maryland Lottery and Gaming Control Agency; on appeal to the Fourth CircuitMay 7, 2026
| Maryland | May 7, 2026 | On appeal | Sources› |
Nevada ex rel. Gaming Control Board v. Blockratize, Inc.Platform challenge · State · First Judicial District Court, Carson City, Nevada; U.S. Court of Appeals for the Ninth CircuitMay 2026
| Nevada | May 1, 2026 | Enforcement pending | Sources› |
Ho-Chunk Nation v. KalshiEX LLCTribal · U.S. District Court, Western District of WisconsinMay 1, 2026
| Wisconsin | May 1, 2026 | Motion to dismiss denied | Sources› |
Smith v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the District of MassachusettsApril 22, 2026 — originating action filed; primary docket verified August 28, 2026.
| Massachusetts | April 22, 2026 | Active / pending | Sources› |
Chehal et al. v. Robinhood Markets, Inc. et al.Federal · Class action · U.S. District Court for the Northern District of CaliforniaApril 22, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | April 22, 2026 | Consolidated lead / active | Sources› |
People of the State of New York v. Gemini Titan, LLCState · New York state courtApril 21, 2026
| New York | April 21, 2026 | Pending | Sources› |
New Jersey Division of Gaming Enforcement cease-and-desist orderState · Administrative — NJ Division of Gaming EnforcementApril 6, 2026
| New Jersey | April 6, 2026 | Enforcement enjoined | Sources› |
KalshiEX LLC v. Johnson et al.Platform challenge · U.S. District Court, District of ArizonaApril 2026
| Arizona | April 1, 2026 | Preliminary injunction denied | Sources› |
Robinhood Derivatives LLC v. Griffin et al.Platform challenge · U.S. District Court, Western District of WashingtonApril 1, 2026
| Washington | April 1, 2026 | Pending | Sources› |
Golan v. KalshiEX LLC et al.Federal · Class action · U.S. District Court for the Southern District of New YorkMarch 24, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | March 24, 2026 | Active / pending | Sources› |
Willis v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the Northern District of AlabamaMarch 20, 2026 — originating action filed; primary docket verified August 28, 2026.
| Alabama | March 20, 2026 | Active / pending | Sources› |
Kaiserman v. KalshiEX LLC et al.Federal · Class action · U.S. District Court for the Northern District of GeorgiaMarch 20, 2026 — originating action filed; primary docket verified August 28, 2026.
| Georgia | March 20, 2026 | Active / pending | Sources› |
Risch v. KalshiEX LLC et al.Federal · Class action · U.S. District Court for the Southern District of New YorkMarch 5, 2026 — originating action filed; primary docket verified August 28, 2026.
| California | March 5, 2026 | Active / pending | Sources› |
Reynolds v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkFebruary 20, 2026 — originating action filed; primary docket verified August 28, 2026.
| Oregon | February 20, 2026 | Active / pending | Sources› |
Yoon v. Blockratize, Inc. d/b/a PolymarketFederal · Class action · U.S. District Court for the Southern District of New YorkFebruary 11, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | February 11, 2026 | Consolidated into Diego / terminated | Sources› |
QCX LLC d/b/a Polymarket US v. Campbell et al.Platform challenge · U.S. District Court, District of MassachusettsFebruary 9, 2026
| Massachusetts | February 9, 2026 | Pending | Sources› |
Diego v. Blockratize, Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkFebruary 4, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | February 4, 2026 | Consolidated lead / active | Sources› |
Goldman v. Novig Betting, Inc.Federal · U.S. District Court for the Southern District of New YorkFebruary 3, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | February 3, 2026 | Dismissed without prejudice | Sources› |
Jennings v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkJanuary 29, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | January 29, 2026 | Consolidated into 1:25-cv-08585 | Sources› |
Hallman et al. v. KalshiEX LLC et al.Federal · Class action · U.S. District Court for the Southern District of New YorkJanuary 13, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | January 13, 2026 | Consolidated into 1:25-cv-08585 | Sources› |
Josephson et al. v. Kalshi, Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkJanuary 8, 2026 — originating action filed; primary docket verified August 28, 2026.
| New York | January 8, 2026 | Consolidated into 1:25-cv-08585 | Sources› |
Pelayo et al. v. Kalshi Inc. et al.Federal · Class action · U.S. District Court for the Southern District of New YorkNovember 26, 2025 — originating action filed; primary docket verified August 28, 2026.
| New York | November 26, 2025 | Consolidated into 1:25-cv-08585 | Sources› |
The State of Illinois ex rel. Lavery v. KalshiEX LLC et al.Federal · U.S. District Court for the Northern District of IllinoisNovember 24, 2025 — originating action filed; primary docket verified August 28, 2026.
| Illinois | November 24, 2025 | Active / pending | Sources› |
In re Kalshi Sports Prediction Market Litigation (Yee originating action)Federal · Class action · U.S. District Court for the Southern District of New YorkOctober 16, 2025 — originating action filed; primary docket verified August 28, 2026.
| New York | October 16, 2025 | Consolidated lead / active | Sources› |
South Carolina Gambling Recovery LLC v. Kalshi Inc. et al.State · South Carolina state court / U.S. District Court for the District of South CarolinaOctober 7, 2025 — originating action filed; primary docket verified August 28, 2026.
| South Carolina | October 7, 2025 | Stayed | Sources› |
Georgia Gambling Recovery LLC v. Kalshi Inc. et al.State · Georgia state court / U.S. District Court for the Middle District of GeorgiaOctober 2, 2025 — originating action filed; primary docket verified August 28, 2026.
| Georgia | October 2, 2025 | Stayed | Sources› |
Massachusetts Gambling Recovery LLC v. Kalshi Inc. et al.State · Massachusetts Superior Court / U.S. District Court for the District of MassachusettsSeptember 22, 2025 — originating action filed; primary docket verified August 28, 2026.
| Massachusetts | September 22, 2025 | Stayed | Sources› |
Illinois Gambling Recovery LLC v. Kalshi Inc. et al.State · Circuit Court of Cook County / U.S. District Court for the Northern District of IllinoisSeptember 19, 2025 — originating action filed; primary docket verified August 28, 2026.
| Illinois | September 19, 2025 | Remanded / state proceedings | Sources› |
The State of Illinois ex rel. Lavery v. North American Derivatives Exchange, Inc.Federal · U.S. District Court for the Northern District of IllinoisSeptember 8, 2025 — originating action filed; primary docket verified August 28, 2026.
| Illinois | September 8, 2025 | Active / pending | Sources› |
Ohio Gambling Recovery LLC v. Kalshi, Inc. et al.State · Mahoning County Court of Common Pleas / U.S. District Court for the Northern District of OhioAugust 28, 2025 — originating action filed; primary docket verified August 28, 2026.
| Ohio | August 28, 2025 | Remanded / state proceedings | Sources› |
Kentucky Gambling Recovery LLC v. Kalshi Inc. et al.State · Franklin Circuit Court / U.S. District Court for the Eastern District of KentuckyAugust 22, 2025 — originating action filed; primary docket verified August 28, 2026.
| Kentucky | August 22, 2025 | Remanded / state proceedings | Sources› |
KalshiEX LLC v. Commodity Futures Trading CommissionPlatform challenge · U.S. District Court for D.C.; U.S. Court of Appeals for D.C. CircuitOctober 2, 2024
| District of Columbia | October 2, 2024 | Concluded appellate phase / foundational election-contract ruling | Sources› |
Clarke et al. v. Commodity Futures Trading Commission (PredictIt litigation)Platform challenge · U.S. District Court, Western District of Texas; Fifth CircuitMarch 1, 2024
| Texas | March 1, 2024 | Appellate rulings issued; docket history requires final-status check | Sources› |
In re Blockratize, Inc. d/b/a Polymarket.comFederal · Commodity Futures Trading CommissionJanuary 2022
| Federal | January 3, 2022 | Resolved — $1.4 million penalty and market wind-down order | Sources› |
U.S. Commodity Futures Trading Commission v. Trade Exchange Network Limited and Intrade The Prediction Market LimitedFederal · U.S. District Court, District of ColumbiaJuly 5, 2018
| District of Columbia | July 5, 2018 | Resolved — summary judgment and $3 million joint-and-several civil penalty | Sources› |
In the Matter of Trade Exchange Network LimitedFederal · Commodity Futures Trading CommissionOctober 4, 2005
| Federal | October 4, 2005 | Resolved — $150,000 penalty, cease-and-desist order and undertakings | Sources› |
By state
Where the cases are
28 states and DC, plus federal and tribal forums.
| Platforms involved | ||||
|---|---|---|---|---|
| New York | 27 | Sep 30, 2026 | Coinbase, Crypto.com, Gemini, Kalshi, Novig, Polymarket | |
| Nevada | 9 | Sep 11, 2026 | Coinbase, Crypto.com, Gemini, Kalshi, Polymarket, Robinhood | |
| Illinois | 8 | Sep 8, 2026 | Coinbase, Crypto.com, Kalshi, Polymarket, Robinhood, Webull | |
| California | 7 | Sep 16, 2026 | Kalshi, Robinhood | |
| Massachusetts | 7 | Sep 8, 2026 | Kalshi, Novig, Polymarket, Robinhood, Underdog, Webull | |
| Wisconsin | 7 | Sep 8, 2026 | Coinbase, Crypto.com, Kalshi, Novig, Polymarket, Robinhood, Underdog | |
| Washington | 6 | Sep 14, 2026 | Crypto.com, Kalshi, Novig, Robinhood, Underdog | |
| Connecticut | 6 | Sep 12, 2026 | Coinbase, Crypto.com, Gemini, Kalshi, Novig, Polymarket, ProphetX, Robinhood, Underdog, Webull | |
| New Mexico | 6 | Sep 8, 2026 | Kalshi, Novig, Polymarket, Underdog | |
| Kentucky | 6 | Aug 10, 2026 | Coinbase, Crypto.com, Kalshi, Polymarket, Robinhood, Webull | |
| Maryland | 5 | Sep 9, 2026 | Coinbase, Crypto.com, Kalshi, Polymarket, Robinhood, Webull | |
| Ohio | 5 | Sep 8, 2026 | Kalshi, Robinhood, Underdog, Webull | |
| Michigan | 5 | Sep 4, 2026 | Coinbase, Kalshi, Polymarket, Robinhood | |
| Arizona | 4 | Sep 14, 2026 | Kalshi | |
| New Jersey | 3 | Sep 2, 2026 | Kalshi, Robinhood | |
| Minnesota | 3 | Aug 18, 2026 | Kalshi, Polymarket | |
| Federal | 3 | Jul 31, 2026 | Intrade, Kalshi, Polymarket | |
| District of Columbia | 3 | Jun 26, 2026 | Intrade, Kalshi, Polymarket | |
| Rhode Island | 2 | Aug 28, 2026 | Kalshi, Polymarket | |
| Tennessee | 2 | Jul 30, 2026 | Kalshi | |
| Georgia | 2 | Mar 20, 2026 | Kalshi, Robinhood | |
| Montana | 1 | Sep 21, 2026 | Kalshi | |
| Missouri | 1 | Sep 17, 2026 | Crypto.com, Kalshi, Novig, Polymarket, Robinhood, Underdog | |
| Iowa | 1 | Sep 15, 2026 | Kalshi | |
| Virginia | 1 | Sep 10, 2026 | Kalshi | |
| Utah | 1 | Aug 5, 2026 | Kalshi | |
| Alabama | 1 | Mar 20, 2026 | Kalshi | |
| Oregon | 1 | Feb 20, 2026 | Kalshi | |
| South Carolina | 1 | Oct 7, 2025 | Kalshi, Robinhood, Webull | |
| Texas | 1 | Mar 1, 2024 | PredictIt | |
The arguments
Five questions the courts and scholars are arguing
Does federal commodities law reach event contracts at all?
Ilya Beylin (U. Chicago Business Law Review, 2025) says many event contracts serve neither hedging nor price discovery, so state law still applies. Alexander Kurtz (Boston College Law Review, 2026) finds the law contradictory but would narrow the CFTC’s power to shut markets down rather than widen state power.
Read: Beylin · Kurtz
Should one regulator own this, or both?
Holden, Turk and Edelman (Illinois Law Review) call sports contracts regulatory arbitrage and argue for a role for both levels of government. David Krause (CLS Blue Sky) says the test should be what a contract does, not where it’s listed.
Read: Holden, Turk & Edelman · Krause
Does tribal gaming authority survive CFTC registration?
Tribes argue sports contracts on tribal lands are Class III gaming under IGRA; Kalshi argues tribal authority doesn’t reach non-members and federal law preempts the claim. The Ninth Circuit has sided with two California tribes at the preliminary stage.
Read: Sepe (SSRN)
Are sports contracts a different problem?
The NFL, NBA, NCAA and five players’ unions want integrity safeguards sportsbooks already have: minimum age, prop limits, barred-bettor lists. MLB signed an integrity agreement with the CFTC. Kalshi backs the CFTC’s contract-by-contract review.
Read: NCAA request · Players’ unions
How good are the prices as forecasts?
Wolfers and Zitzewitz (2004) find prediction markets forecast well. A 2026 study of about 23 million Kalshi sports trades (Moshrefi) finds calibration breaks down near expiry and combos are priced above fair value.
Read: Wolfers & Zitzewitz · Moshrefi
Legal news
All news →Our latest legal coverage
Federal Judge Grants Kalshi and Coinbase Partial Injunctions Against Illinois
A federal judge granted Kalshi and Coinbase partial injunctions against Illinois, finding state licensing rules likely conflict with federal law. Wagering fees remain under review. The ruling conflicts with a Wisconsin decision now on appeal to the Seventh Circuit.
Cheryle Shepstone ·Sixth Circuit Rules Against Kalshi, Lets Ohio and Tennessee Enforce Sports Betting Laws
The Sixth Circuit ruled that Ohio and Tennessee can enforce their gambling laws against Kalshi’s sports contracts, deepening the appellate split now headed toward the Supreme Court.
Cheryle Shepstone ·New York Sues Polymarket US Over Sports, Election and Culture Contracts
New York sued Polymarket US on September 24, alleging its event contracts violate state gambling law. Polymarket removed the case to federal court; no merits ruling has been issued.
Cheryle Shepstone ·Explanation
How the tracker works
What counts as a matter
Each record is one distinct lawsuit, court case or regulatory action. Separately filed lawsuits stay separate even when a court coordinates or consolidates them. Appeals are attached to the case they came from, and amicus briefs or interventions don’t create new records. That gives 133 matters: 120 lawsuits and 13 administrative or enforcement actions, across 28 states and DC.
How records are verified
Every record links its primary source: a court docket, a filed document or an official order. The “latest activity” is what that source shows, with the date it was verified. Where a development has only been reported, not seen on a docket, the record says so, as with the reported Crypto.com petition.
Further reading
- Law firm analysis: WilmerHale, Paul, Weiss on the Third Circuit, Gibson Dunn on state attorneys general, Greenberg Traurig on the CFTC proposal.
- Opinions: Third Circuit, KalshiEX v. Flaherty; Ninth Circuit, KalshiEX v. Assad.
- Who to follow: Daniel Wallach (Wallach Legal), Dustin Gouker (The Closing Line), Carl E. Kennedy (Katten), Peter Hammon, Alfonso Straffon and Mick Bransfield.
Report an omission or error
If a case is missing or a record is wrong, tell us through our contact form with a link to the docket or document. We correct records and note the date.
Methodology
One record per distinct lawsuit, court case or regulatory action, each linked to its primary source: a docket, filed document or official order. Counts are computed from the records. Full methodology →
Full methodology
RecordsOne record per distinct lawsuit, court case or regulatory action, each linked to a docket, filed document or official order.
CountingSeparately filed lawsuits stay separate even when consolidated; appeals attach to the original case; amicus briefs don’t add records.
UpdatesEach record shows its latest verified activity and the date it was verified.
CorrectionsMissing or wrong records are corrected with a dated note.
Data and sources
- Source records for every number on this page: contracts, quote types, calculations and history
- DeFi Rate prediction-market methodology: how we price, average and label every figure
- Permanent snapshot, Oct 2, 7:21 AM ET: a frozen copy for citation
- Prediction market legal matters (CSV)
- Every figure and contract on this page (CSV)
Questions
Is Kalshi legal in every state?
Kalshi operates nationally under CFTC rules, but several states are challenging its sports contracts, and federal appeals courts have split. The Third Circuit ruled for Kalshi in New Jersey; the Ninth Circuit ruled against it in Nevada.
Will the Supreme Court decide whether sports prediction markets are legal?
Three petitions ask it to. The Court hasn’t agreed to hear any of them yet; four justices must vote to take a case.
How many prediction market lawsuits are there?
We track 133 U.S. legal matters: 120 lawsuits and 13 administrative or enforcement actions, across 28 states and DC.
About the authors
Derek Helling has covered the regulated sports industry for many publications since 2018.
Cheryle Shepstone is DeFi Rate’s Director of Content and Strategy and oversees its prediction-market research, platform reviews and editorial methodology.
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