TREE NEWS update: New Jersey Attorney General Jennifer Davenport and acting gaming enforcement chief Mary Jo Flaherty filed a petition asking the U.S. Supreme Court to review their enforcement action against prediction market Kalshi over sports event contracts. The petition cites civil cases from at least 20 state gaming regulators and argues Kalshi may still violate state law despite CFTC compliance. It challenges an April 2-1 ruling by the Third Circuit. Kalshi spokesperson Dani Lever said the company disagrees with the appeal and maintains confidence in the lower court decision.
New Jersey asks Supreme Court to hear Kalshi sports contracts case
AI take
This petition elevates a state-federal jurisdictional clash to the highest court, testing whether CFTC approval preempts state gaming enforcement. The outcome could redefine the regulatory perimeter for prediction markets, affecting not just Kalshi but any platform operating across state lines. The Third Circuit's split ruling leaves legal uncertainty, and whether the Supreme Court grants certiorari is the immediate signal to watch.
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