NFL Backs New Jersey at Supreme Court, Says Kalshi Sports Contracts Are Gambling

The NFL's entry shifts this from a regulatory turf question into a broader fight over whether event contracts can be shoehorned into derivatives law at all. A three-way appellate split is precisely the kind of conflict the Supreme Court tends to take, so the practical effect is that the legal status of sports-linked contracts may be settled nationally rather than venue by venue. For anyone building or listing event-based products, the classification itself — swap or wager — is the whole business model, and that is what the Court's eventual answer will determine.