NFL files brief with U.S. Supreme Court, says sports prediction contracts are gambling, not swaps

PANews reported on October 9, citing The Block, that the National Football League (NFL) filed an amicus brief with the U.S. Supreme Court on October 8 in support of New Jersey regulators in their case against prediction market platform Kalshi, arguing that sports contracts offered by prediction markets such as Kalshi constitute gambling rather than swaps, should not fall under the exclusive jurisdiction of the CFTC, and should instead be subject to state regulation, and requesting that the Supreme Court take up the case. The NFL said that of the $3.3 billion in prediction market trading volume on the first Sunday of this season, nearly $2 billion was related to NFL events. Kalshi responded that the CFTC is already regulating sports-related markets and that federal regulation is more uniform than regulation by individual states.