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The U.S. Court of Appeals for the Ninth Circuit ruled that sports prediction market contracts are not swaps, a decision that contradicts previous rulings and may be appealed to the Supreme Court.
The ruling rejected requests for injunctive relief from prediction market platforms such as Kalshi, Crypto.com, and Robinhood, stating that contracts for sports-related events do not fall under federally regulated derivatives (swaps). This move contradicts the Third Circuit Court of Appeals' early April ruling, which held that only the U.S. Commodity Futures Trading Commission (CFTC) has the authority to regulate such contracts, creating a "circuit split" that will likely send this dispute to the Supreme Court. Following this news, shares of online sports betting company DraftKings rose 7%, and FanDuel's parent company Flutter Entertainment rose over 6%.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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