Kalshi Wins Major Legal Battle as New Jersey’s Gamble Gets Shut Down
A federal appeals court just handed Kalshi a massive win, saying that New Jersey doesn’t have the power to stop Kalshi from offering sports-related contracts. Why? Because, according to the ruling, Kalshi’s event contracts are firmly in the hands of federal law, specifically the Commodity Exchange Act. This means New Jersey’s attempt to regulate Kalshi as a traditional sportsbook is, well, not happening. And the 3rd U.S. Circuit Court of Appeals, based in Philadelphia, couldn’t be clearer: Kalshi’s sports contracts are not bets-they’re swaps. You know, like those things that rich people use to hedge against the uncertainty of their yachts sinking.





