NFL Submits Opinion to US Supreme Court, Claiming Sports Forecast Contract Belongs to Gambling

On October 8th, the NFL submitted a friend of the court opinion to the US Supreme Court, supporting the case of New Jersey regulatory agency v. predictive market platform Kalshi. The NFL claims that sports contracts provided by platforms such as Kalshi are gambling rather than swaps, and should not be under the exclusive jurisdiction of the CFTC and should be regulated by the state, and requests the Supreme Court to accept this case. The NFL pointed out that out of the projected market turnover of $3.3 billion on the first Sunday of this season, nearly $2 billion is related to NFL games. Kalshi responded that the CFTC is already regulating the sports related market, and federal regulation is more unified than state regulation. (Source: The Block)