Kalshi loses again as Sixth Circuit rejects argument that 'swaps' aren't sports bets

Kalshi suffered another setback when the Sixth Circuit Court of Appeals rejected the firm's contention that its 'swaps' are not sports bets. The decision marks yet another judicial rebuke of the company's effort to distinguish its prediction‑market contracts from traditional sports wagering. In a separate ruling, a national appeals tribunal ruled against Kalshi, determining that its products are subject to the regulatory regime governing prediction markets that involve sports wagers.