NFL Seeks Supreme Court Review of Kalshi Prediction Markets

The NFL has backed New Jersey’s request for the US Supreme Court to review whether states can regulate sports contracts on prediction markets such as Kalshi. The league argues the contracts are not swaps under the Dodd-Frank Act and should not fall exclusively under Commodity Futures Trading Commission (CFTC) oversight. It says state rules are important for consumer protection and game integrity. The case follows an April ruling by the Third Circuit in Kalshi’s favor, while the Sixth and Ninth Circuits have reached opposing conclusions. The Supreme Court has not said whether it will hear the case. Kalshi’s response is due November 9, 2026. The NFL says $1.8 billion of the $3.3 billion traded on prediction markets during the first Sunday of the 2026 season involved NFL games. It has raised concerns about age limits, sensitive information, injuries, officiating and markets that participants could manipulate. Kalshi says it works with leagues and integrity partners, and that federal oversight can address such risks. Former CFTC Chairman Gary Gensler and former Senator Chris Dodd also opposed shifting sports-betting oversight away from states. The dispute could affect prediction-market access and rules across US states, but the petition does not itself impose new restrictions. A Supreme Court decision could clarify the boundary between federal derivatives oversight and state gaming laws. It has no direct effect on cryptocurrency prices or trading rules.