Kalshi suffers court loss in Ohio over sports betting lawsuit

A federal judge in Ohio has denied Kalshi’s request to block state regulators from enforcing gambling laws against its sports-event contracts. The court rejected Kalshi’s argument that its prediction markets are "swaps" under exclusive federal CFTC jurisdiction, ruling instead that there is no evidence Congress intended to override state sports betting laws. This decision allows the Ohio Casino Control Commission to treat these contracts as illegal, unlicensed gambling while the broader lawsuit continues.