NJ urges SCOTUS to rule that Kalshi sports bets are gambling, not “swaps”
Summary
New Jersey asks the Supreme Court to decide whether Kalshi's sports bets fall under gambling laws or are swaps under the Dodd-Frank framework, fueling a circuit split. The piece recounts the Third Circuit ruling that swaps preempts state regulation and the Ninth Circuit ruling that sports bets are gambling, with broader implications for federal preemption and state gaming authority.