Kalshi Grilled by Massachusetts High Court Over What Gambling Is

The Massachusetts Supreme Court appeared skeptical of Kalshi Inc.’s claim that its prediction markets don’t fall under state gambling laws because the company is instead providing financial arrangements between people using “swap” contracts on events like sports.

The case is one of several legal fights involving states seeking greater oversight of prediction market companies, which argue their activities come under federal rules and should only be regulated by the US Commodity Futures Trading Commission. A judge barred Kalshi in Massachusetts, and the company appealed to the state’s high court, which has yet to rule.