New Jersey has asked the U.S. Supreme Court to intervene in the growing legal fight over prediction markets, setting up the industry’s first potential case before the justices, according to CNN.
The dispute gained momentum after the 9th U.S. Circuit Court of Appeals ruled that states can regulate prediction markets as sports betting.
That conflicts with an earlier 3rd Circuit ruling that treated the contracts as federally regulated financial products. Nevada, Michigan and Washington have obtained court orders against Kalshi or its sports markets.
The industry has expanded rapidly, with Kalshi and Polymarket handling billions in weekly volume.
The Trump administration has generally supported federal oversight. President Donald Trump has backed efforts to prevent states from restricting the platforms.
Related Tweet:
Prediction Market Law Keeps Veering, Inviting Supreme Court (1) https://t.co/gckkyRORZQ
— Bloomberg Law (@BLaw) August 31, 2026
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TIPP Staff
