Kalshi offers a prediction market where you can bet on sports. No! Sorry! Wrong! It offers a prediction market where you can predict which team will win a sports game, and if you predict correctly you make money, and if you predict incorrectly you lose money. Not “bet on sports.” “Predict sports outcomes for money.” Completely different. Federal judges have blocked Nevada and New Jersey gaming regulators from banning Kalshi’s sports contracts, because Kalshi is a CFTC-regulated futures exchange, the CFTC has exclusive jurisdiction over commodity futures, the CFTC has not blocked Kalshi from listing these sports contracts and therefore they must be commodity futures that are not subject to state regulation. Goodwin's Andrew Kim and John Servidio explained some of the weirdness in April: "If Kalshi is right and the CEA preempts state wagering laws as they relate to sports-wagering contracts, such an outcome could have dramatic consequences for the sports wagering industry." Read the Bloomberg article for more.