Tribes, AGA, and 27 states challenge Kalshi over the limits of federal gambling law

Twenty-seven US states have backed tribal appellants in a federal gambling law case against Kalshi that could help define the future trajectory of gambling regulation across the United States.

As market analysts and investors continue to pour capital into the fast-growing prediction markets sector, a fundamental legal dispute is unfolding over who has the authority to regulate wagers tied to real-world events.

State governments and tribal regulators, or federal agencies overseeing financial markets?