US Supreme Court Takes Sides in Prediction Market Jurisdiction Battle

New Jersey lawmakers are urging the US Supreme Court to settle a jurisdictional dispute over prediction market company Kalshi. A coalition of state legislators, led by the National Council of Legislators from Gaming States (NCLGS), filed an amicus brief in support of New Jersey's petition for certiorari on September 2.

The NCLGS argues that a ruling in Kalshi's favor would erode state power over sports betting and prediction markets. They claim that allowing federal jurisdiction to swallow this space would hit state budgets and authority simultaneously, forcing states to rethink their regulatory frameworks.

Kalshi has until November 9 to file its position with the Supreme Court. The company has maintained that a patchwork of 50 different state frameworks would make it impossible for them to operate as a national prediction market platform.