Recent federal appeals court rulings have intensified the jurisdictional dispute over sports event contracts on prediction market platforms, with the Third Circuit in April 2026 affirming that such contracts qualify as swaps under exclusive CFTC authority and enjoining state enforcement in New Jersey. The Ninth Circuit heard consolidated arguments the same month in related cases from Nevada involving Kalshi and other platforms, where panel comments and district court outcomes suggest a potential circuit split favoring state regulatory authority. More than three dozen states have filed amicus briefs emphasizing federalism concerns, while petitions for Supreme Court review could arise by mid-2026 if divergent appellate results materialize. SCOTUS typically requires a clear split or exceptional national stakes before granting certiorari in such regulatory matters, with any decision likely falling in the 2027 term absent earlier intervention.
Experimental AI-generated summary referencing Polymarket data. This is not trading advice and plays no role in how this market resolves. · UpdatedLegal analyst predicts Supreme Court unlikely to grant certiorari on sports‑event contract case
December 31 plunges to 14%19%
A widely‑cited legal commentary argued that the Court’s recent docket shows no appetite for taking up CFTC‑state preemption disputes, reinforcing the market’s bearish trend.
Supreme Court declines to intervene in National Guard deployment case
December 31 drops to 13%14%
The Supreme Court's refusal to allow the Trump administration to deploy National Guard troops in Chicago signaled a rare setback for the administration's executive power agenda, dampening expectations for aggressive SCOTUS intervention in other areas.
Federal judge bars Arizona from regulating prediction market operators in Kalshi case
July 31 drops to 4%5%
A federal judge temporarily barred Arizona from enforcing gambling laws against Kalshi, a prediction market operator, citing federal Commodity Exchange Act preemption. This ruling highlighted ongoing legal disputes over regulation of event contracts but did not involve Supreme Court certiorari.
Kalshi reports record Super Bowl trading volume, faces processing delays
December 31 drops to 14%14%
Kalshi disclosed a $1 billion‑plus trading volume on Super Bowl contracts, but also noted deposit processing issues. The mixed news sparked a brief rally followed by a sell‑off as traders worried about operational risks and regulatory scrutiny.
Supreme Court hears arguments on unrelated sports‑law case, fueling speculation on related certiorari request
July 31 dips to 11%2%
While the Court debated transgender‑athlete bans, observers noted the similarity to the sports‑contract regulatory issue, prompting traders to further downgrade the likelihood of a certiorari grant.
CFTC announces Innovation Advisory Committee to study prediction‑market regulation
July 31 drops to 7%6%
The creation of a high‑level advisory panel signaled ongoing federal commitment to overseeing prediction markets, further reducing speculation that the Supreme Court would intervene.
CFTC files friend‑of‑the‑court brief supporting Kalshi in Nevada case
July 31 drops to 8%5%
The CFTC submitted an amicus brief backing Kalshi’s appeal against a Nevada restraining order, emphasizing federal preemption of state gambling laws. Traders interpreted the filing as further solidifying federal jurisdiction, causing a modest price dip.
Federal judge rules event contracts fall under Commodity Exchange Act, preempting state gambling laws
July 31 plunges to 10%23%
A federal judge ruled that event contracts offered by Kalshi are regulated as swaps under the Commodity Exchange Act, supporting the CFTC's exclusive jurisdiction and preempting state gambling laws. This legal clarification reduced market expectations for Supreme Court involvement by July 31.
Supreme Court hears arguments on state bans of transgender athletes, raising speculation on broader sports‑related jurisdictional issues
While not directly about prediction markets, the Court’s focus on state regulation of sports sparked speculation that related disputes—such as the status of sports‑event contracts—could soon appear before the Court, prompting another price decline.
CFTC announces upcoming rule proposal targeting prediction markets as derivatives
July 31 drops to 7%6%
The Commodity Futures Trading Commission signaled it will propose new rules classifying prediction‑market contracts as derivatives, further cementing federal oversight and diminishing hopes for a SCOTUS case on state regulation.
NCAA asks court to stop DraftKings from using trademarked terms
December 31 surges to 59%15%
The NCAA filed a complaint against DraftKings, highlighting the ongoing legal friction between sports organizations and betting platforms, which kept the broader topic of sports betting regulation in the public eye.
Kalshi’s legal victory in Arizona cited as precedent for federal preemption of state gambling laws
July 31 drops to 14%8%
Kalshi announced that the Arizona ruling was a “step in the right direction,” reinforcing the view that federal law governs event contracts. The market reacted by further discounting the likelihood of a Supreme Court grant of certiorari.
Kalshi reports record trading volume after Super Bowl event contracts surge
December 31 drops to 33%12%
A massive spike in trading volume and related media coverage highlighted the financial significance of prediction markets, but the lack of any SCOTUS action on related legal challenges kept price pressure downward.
CFTC files friend‑of‑the‑court brief supporting Kalshi in 9th Circuit appeal
December 31 plunges to 40%24%
The CFTC’s amicus brief signaled strong federal backing for prediction‑market operators, suggesting the issue could ascend to the Supreme Court, which further depressed market confidence.
Federal government sues three states over their regulation of prediction markets
December 31 surges to 66%26%
The federal government escalated its legal fight by suing Connecticut, Arizona, and Illinois to challenge their regulation of prediction markets, reinforcing the administration's stance on federal preemption.
Federal government sues three states over prediction‑market regulation
December 31 drops to 53%8%
The Justice Department filed lawsuits against Connecticut, Arizona and Illinois, asserting that the CFTC, not the states, has authority over prediction‑market contracts. The move reinforced the view that a Supreme Court grant of certiorari was unlikely, pushing prices lower.
Federal judge denies Kalshi’s attempt to bar state prosecution but later issues favorable ruling
July 31 surges to 56%15%
Initially, a federal judge denied Kalshi’s request to block state prosecution under gambling laws, but subsequently issued a ruling favoring federal preemption by the CFTC over state laws. This legal back-and-forth contributed to market volatility and uncertainty about the Supreme Court’s involvement.
Trump administration backs Kalshi and Polymarket in legal battle over prediction markets
July 31 surges to 50%24%
The Trump administration, through the CFTC chairman Michael Selig, publicly supported prediction market operators Kalshi and Polymarket, asserting federal regulatory authority over these markets and opposing state bans. This federal backing was significant for the market's expectations about legal outcomes related to sports event contracts.
Kalshi reports record $1 billion trading volume on Super Bowl day amid prediction market surge
July 31 surges to 89%39%
Kalshi experienced a massive surge in trading volume on the day of the 2026 Super Bowl, highlighting the growing popularity and financial scale of prediction markets tied to sports events. This event underscored the importance of sports contracts in the prediction market ecosystem but did not directly influence Supreme Court certiorari.
CFTC argues exclusive jurisdiction over swaps in Arizona case filing
July 31 drops to 13%14%
The CFTC submitted a brief emphasizing its exclusive authority over swaps, reinforcing the view that sports‑event contracts are regulated federally, which further dampened market expectations of a SCOTUS certiorari.
CFTC argues exclusive jurisdiction over event contracts in Arizona case
During oral arguments, the CFTC reiterated that event contracts are swaps subject to federal regulation, bolstering the argument that any Supreme Court review would likely favor federal preemption. The reaffirmation coincided with a sharp price drop.
Supreme Court hearing on independent agency power raises doubts on future market rulings
July 31 plunges to 11%17%
While not directly about prediction markets, the Court’s willingness to expand presidential control over agencies suggested a possible weakening of CFTC independence, causing a brief rally before the market corrected as traders reassessed the long‑term regulatory outlook.
Federal judge bars Arizona from enforcing gambling laws against Kalshi prediction market
July 31 surges to 50%23%
A federal judge temporarily barred Arizona from prosecuting Kalshi under state gambling laws, ruling that the Commodity Exchange Act preempts state regulation of event contracts like those offered by Kalshi. This ruling supported the federal regulatory framework over state gambling laws, impacting the market's outlook on sports event contract regulation.
Trump administration backs Kalshi and Polymarket in legal battle over prediction markets
July 31 drops to 17%12%
The Trump administration, through CFTC Chairman Michael Selig, publicly supported prediction market operators Kalshi and Polymarket, arguing that federal regulation preempts state gambling laws. This bolstered the federal regulatory stance but did not indicate Supreme Court certiorari, influencing market prices downward as states continue legal challenges.
CFTC filing asserts exclusive jurisdiction over event contracts, prompting industry backlash
July 31 drops to 16%12%
The CFTC submitted a brief to the Supreme Court reaffirming its exclusive jurisdiction over event contracts, arguing that state gambling statutes are preempted. Traders interpreted the filing as a sign the Court would not take up a sports‑event contract case, pushing prices down further.
Supreme Court weighs state limits on carrying guns on private property
July 31 drops to 27%7%
While not directly about sports contracts, the Supreme Court's focus on Second Amendment rights and private property limits during this period drew significant attention to the Court's docket, impacting broader market sentiment regarding SCOTUS intervention.
Kalshi reports record trading volume during Super Bowl, sparking regulatory scrutiny
July 31 surges to 52%38%
Kalshi experienced a record daily trading volume exceeding $1 billion on Super Bowl day, highlighting the growth of prediction markets tied to sports events. This surge drew complaints and regulatory attention but did not lead to Supreme Court certiorari, contributing to market uncertainty.
CFTC receives complaint over Kalshi’s Super Bowl contract handling
December 31 plunges to 28%25%
A trader filed a formal complaint with the CFTC alleging Kalshi violated the Commodity Exchange Act in its contract about Cardi B’s Super Bowl halftime appearance. The complaint highlighted regulatory scrutiny of sports‑event contracts, further dampening expectations of a favorable Supreme Court ruling and contributing to the price drop for the December 31 outcome from 53% to 28% by early May.
Nevada Gaming Control Board obtains temporary restraining order against Kalshi
December 31 drops to 46%9%
A state enforcement action against Kalshi added to the legal pressure on prediction markets, reinforcing concerns that the Supreme Court may need to decide the federal‑state jurisdiction issue.
Trump administration throws support behind prediction market operators
July 31 surges to 54%26%
The Trump administration, through the CFTC, officially backed Kalshi and Polymarket in their legal battles against states, signaling a shift toward federal oversight and away from state-level gambling bans.
Trump administration publicly backs Kalshi and Polymarket in state‑law battles
December 31 drops to 45%11%
The administration, through CFTC Chair Michael Selig, filed a friend‑of‑the‑court brief supporting Kalshi and Polymarket, signaling federal endorsement of their regulatory status and further lowering odds of a Supreme Court review of sports‑event contract cases.
Judge bars Arizona from enforcing gambling laws against prediction‑market operators
December 31 plunges to 34%18%
U.S. District Judge Michael Liburdi temporarily halted Arizona's criminal case against Kalshi, citing the CFTC's successful argument that event contracts are swaps under the Commodity Exchange Act, reinforcing federal preemption over state law.
CFTC chair backs prediction‑market operators in fight against state bans
December 31 drops to 48%8%
CFTC Chairman Michael Selig publicly supported Kalshi and Polymarket, arguing that federal regulation preempts state gambling laws. The endorsement was taken as a signal that the agency would defend the industry, further lowering expectations of a Supreme Court review.
Federal judge bars Arizona from enforcing gambling laws on prediction‑market operators
July 31 drops to 15%11%
U.S. District Judge Michael Liburdi temporarily halted Arizona's criminal case against Kalshi, citing the CFTC's exclusive jurisdiction over event contracts under the Commodity Exchange Act. Traders saw the decision as a setback for state regulation, pushing down the July 31 and December 31 prices.
Federal judge bars Arizona from regulating prediction market operators in Kalshi case
July 31 drops to 17%10%
A federal judge temporarily barred Arizona from enforcing its gambling laws against Kalshi, a prediction market operator offering event contracts including sports outcomes, siding with the CFTC's claim of exclusive federal jurisdiction. This ruling supported the view that such contracts fall under federal regulation, impacting market expectations for Supreme Court intervention.
Federal judge bars Arizona from enforcing gambling laws against prediction‑market operator Kalshi
July 31 drops to 27%11%
U.S. District Judge Michael Liburdi temporarily halted Arizona’s criminal case against Kalshi, citing the CFTC’s claim that event contracts are swaps under the Commodity Exchange Act. The ruling suggested federal preemption, reducing perceived risk of a SCOTUS certiorari grant.
Federal judge bars Arizona from regulating prediction market operators in Kalshi case
July 31 drops to 17%10%
A federal judge temporarily barred Arizona from enforcing its gambling laws against Kalshi, a prediction market operator, citing federal Commodity Exchange Act preemption. This ruling indicated federal authority over event contracts, impacting market expectations about state-level regulation and potential Supreme Court involvement.
Judge bars Arizona from regulating prediction market operators and pauses prosecution of Kalshi
July 31 dips to 24%1%
A federal judge temporarily blocked Arizona from enforcing gambling laws against Kalshi, citing the CFTC's exclusive jurisdiction over event contracts. This legal victory for prediction markets initially boosted market confidence in federal preemption.
CFTC Chairman Michael Selig publicly backs Kalshi and Polymarket against state bans
December 31 plunges to 19%31%
Selig’s statement that the CFTC will defend its exclusive jurisdiction over prediction markets intensified speculation that a Supreme Court case on the issue might be imminent, pushing prices lower.
Federal judge blocks Arizona from regulating prediction‑market operators, citing CFTC authority
July 31 drops to 14%13%
U.S. District Judge Michael Liburdi temporarily barred Arizona from enforcing its gambling laws against Kalshi, emphasizing that the CFTC has shown event contracts fall under the Commodity Exchange Act and likely preempt state law. The ruling lowered perceived chances of a Supreme Court case on sports‑event contracts, driving the July 31 price down from 27% to 14% and the December 31 price from 50% to 19%.
Federal judge blocks Arizona from enforcing gambling laws on prediction‑market operator Kalshi
July 31 drops to 25%5%
U.S. District Judge Michael Liburdi temporarily barred Arizona from pursuing its criminal case against Kalshi, citing the CFTC's claim that event contracts are swaps under the Commodity Exchange Act. The decision highlighted federal preemption, lowering market confidence in a SCOTUS certiorari request.
Judge Michael Liburdi bars Arizona from enforcing gambling laws against Kalshi
July 31 rises to 26%2%
A federal judge temporarily halted Arizona’s criminal case against Kalshi, citing the CFTC’s claim that event contracts are swaps, which suggested a federal‑state clash that could reach the Supreme Court.
Federal government sues Arizona, Connecticut and Illinois over state bans on prediction markets
July 31 dips to 24%3%
The Justice Department filed a lawsuit claiming that the CFTC, not states, has exclusive authority over event contracts, raising the prospect of a Supreme Court review of the regulatory conflict.
Trump administration backs Kalshi and Polymarket in legal battles over prediction markets
July 31 drops to 64%13%
CFTC Chairman Michael S. Selig publicly supported Kalshi and Polymarket, emphasizing that federal regulation should preempt state gambling laws, which further reduced expectations of a Supreme Court review.
CFTC backs Kalshi and Polymarket as states move to ban prediction markets
CFTC Chairman Michael S. Selig publicly defended the industry, arguing that state attempts to ban prediction‑market contracts are preempted by federal law. The statement reinforced the view that the Supreme Court may be asked to resolve the jurisdictional clash, keeping downward pressure on prices.
Kalshi reports record $1 billion trading volume on Super Bowl event contracts
July 31 rises to 27%1%
Kalshi announced a daily record trading volume exceeding $1 billion on Super Bowl-related event contracts, underscoring the rapid growth and significance of sports event contracts in prediction markets. This event increased market attention on the regulatory status of such contracts.
Federal government sues three states over their regulation of prediction markets
July 31 drops to 27%12%
The Justice Department filed lawsuits against Connecticut, Arizona and Illinois, asserting that the CFTC, not the states, has exclusive authority over prediction‑market contracts. The filing heightened expectations that the Supreme Court will not intervene, prompting a sharp drop in the July 31 price from 39% to 27%.
Supreme Court signals support for Trump's power over independent agencies
July 31 surges to 44%15%
The Supreme Court's indication that it would expand presidential control over independent agencies suggested that the administration might achieve its goals through executive action rather than litigation, reducing the likelihood of a SCOTUS case on sports contracts.
Federal judge blocks Arizona from enforcing gambling laws on prediction‑market operators
July 31 rises to 32%4%
U.S. District Judge Michael Liburdi temporarily barred Arizona from pursuing its criminal case against Kalshi, citing the CFTC’s claim that event contracts are swaps under the Commodity Exchange Act. The ruling suggested federal preemption, reducing perceived chances of a Supreme Court review of the issue and nudging the July 31 price down from 28% to 32%.
Prediction markets spark tribal gambling concerns at Indian Gaming Association convention
July 31 jumps to 31%5%
Tribal leaders expressed concern that prediction markets like Kalshi and Polymarket threaten their regulated gambling enterprises, calling for congressional action. This highlighted the growing legal and regulatory challenges prediction markets face, influencing market sentiment.
Trump administration backs Kalshi and Polymarket in legal battle
July 31 jumps to 40%14%
The Trump administration's formal support for prediction market operators, including the CFTC's intervention, suggested a federal-led resolution that might bypass the need for a Supreme Court case, leading to a temporary price increase.
Federal judge bars Arizona from regulating prediction market operators, pauses Kalshi prosecution
July 31 drops to 27%8%
A federal judge temporarily barred Arizona from enforcing its gambling laws against prediction market operator Kalshi, citing the Commodity Exchange Act's exclusive federal jurisdiction over such markets. This ruling, supported by the Trump administration and the CFTC, indicated federal preemption over state gambling laws, impacting the market's outlook on Supreme Court intervention.
Federal government sues states over regulation of prediction markets including Kalshi
July 31 drops to 31%8%
The federal government sued Connecticut, Arizona, and Illinois challenging their attempts to regulate prediction market operators, reinforcing the CFTC's claim of exclusive regulatory authority but no Supreme Court certiorari grant was reported, leading to a market price decline.
Indian Gaming Association raises concerns over prediction markets at annual convention
July 31 plunges to 41%23%
Tribal leaders expressed concern about the rapid growth of prediction markets like Kalshi and Polymarket, viewing them as a threat to tribal gambling revenues and regulatory frameworks. This highlighted the broader regulatory and legal challenges facing prediction markets, contributing to market uncertainty.
Federal government sues three states over their regulation of prediction markets
July 31 plunges to 33%31%
The federal government's direct legal challenge against states attempting to regulate prediction markets signaled a shift toward federal preemption, initially boosting market confidence before it began to wane.
CFTC files friend‑of‑court brief supporting Kalshi in state‑regulation disputes
July 31 drops to 53%11%
The Commodity Futures Trading Commission submitted an amicus brief defending Kalshi’s classification as a regulated swap market, reinforcing the argument that federal law preempts state gambling statutes. Traders interpreted the filing as a sign the Supreme Court may take up the issue, causing the price to retreat modestly.
Federal government sues Connecticut, Arizona, and Illinois over state regulation of prediction markets
July 31 plunges to 40%22%
The federal government filed lawsuits against three states challenging their efforts to regulate prediction market operators, asserting that the CFTC has exclusive regulatory authority. This legal escalation increased the likelihood of Supreme Court review.
U.S. government sues Connecticut, Arizona and Illinois over state regulation of prediction markets
The Justice Department filed lawsuits challenging three states’ attempts to regulate platforms like Kalshi and Polymarket, arguing that the CFTC has exclusive jurisdiction. The move signaled a possible escalation to the Supreme Court, further depressing market prices.
Trump administration backs prediction market operators Kalshi and Polymarket in legal battles
July 31 surges to 75%16%
The Trump administration, through the CFTC, publicly supported Kalshi and Polymarket against state efforts to regulate or ban prediction markets, emphasizing federal exclusive jurisdiction. This endorsement increased market optimism about a Supreme Court certiorari grant on related sports event contract cases.
Federal government sues states over regulation of prediction markets
July 31 rises to 64%1%
The federal government sued Connecticut, Arizona, and Illinois challenging their efforts to regulate prediction market operators like Kalshi and Polymarket, asserting exclusive federal jurisdiction. This escalated the legal conflict and increased the likelihood of Supreme Court involvement.
Public polling shows majority support for transgender athlete bans in school sports
July 31 jumps to 75%9%
An Associated Press-NORC poll found about 60% of U.S. adults favored requiring transgender children to compete on teams matching their birth sex. This public sentiment likely influenced market confidence in the Court's potential rulings related to sports and transgender athlete cases.
Supreme Court signals likely support for state bans on transgender athletes in girls' sports
July 31 jumps to 66%7%
Following extensive arguments, the Court's conservative majority appeared ready to uphold state bans on transgender girls in sports, reinforcing expectations that the Court is engaging with sports-related legal issues. This contributed to further price increases in the market.
Federal government sues Connecticut, Arizona and Illinois over prediction‑market regulation
July 31 jumps to 75%10%
The Justice Department filed lawsuits challenging three states’ attempts to regulate platforms like Kalshi and Polymarket, arguing that the CFTC has exclusive authority. The move underscored federal backing for the industry and further lifted the probability of a Supreme Court review.
Trump administration backs Kalshi and Polymarket in legal battle over prediction markets
July 31 surges to 75%16%
The Trump administration, through CFTC Chairman Michael Selig, publicly supported Kalshi and Polymarket against state efforts to ban prediction markets, emphasizing federal exclusive jurisdiction and increasing expectations of a legal showdown potentially reaching the Supreme Court.
Kalshi appeals Arizona criminal charges amid ongoing federal-state regulatory dispute
July 31 surges to 59%41%
Following the judge's order, Kalshi appealed the criminal charges filed by Arizona, with the Trump administration backing Kalshi and the CFTC asserting federal preemption over state gambling laws. This legal battle raised expectations that the Supreme Court might take up a case concerning sports event contracts and federal regulatory authority.
Trump administration backs Kalshi and Polymarket in legal battle over prediction markets
July 31 surges to 75%16%
The Trump administration, through CFTC Chairman Michael Selig, publicly supported prediction market operators Kalshi and Polymarket, emphasizing federal regulatory authority and opposing state bans. This federal backing heightened expectations that the Supreme Court might take up related cases.
Federal judge bars Arizona from enforcing gambling laws on prediction‑market operators
July 31 surges to 59%43%
U.S. District Judge Michael Liburdi temporarily halted Arizona's criminal case against Kalshi, emphasizing that the CFTC has shown event contracts fall under the Commodity Exchange Act and may preempt state law. The ruling boosted confidence that federal jurisdiction will protect sports‑event contracts, pushing the market up sharply.
Supreme Court begins hearing arguments on transgender athlete bans in school sports
July 31 surges to 59%43%
The Supreme Court started hearing arguments on state laws barring transgender girls and women from playing on school athletic teams, a high-profile sports-related case. This event increased market optimism about the Court's willingness to take up sports-related legal issues, causing a sharp price rise.
Federal judge bars Arizona from regulating prediction market operators like Kalshi
July 31 surges to 59%43%
A federal judge temporarily blocked Arizona from enforcing state gambling laws against Kalshi, affirming the CFTC's exclusive jurisdiction over event contracts classified as swaps under the Commodity Exchange Act. This ruling increased market confidence that federal regulation would preempt state laws, raising the likelihood of Supreme Court review.
Federal judge bars Arizona from regulating prediction market operators in Kalshi case
July 31 surges to 59%43%
A federal judge temporarily barred Arizona from enforcing its gambling laws against Kalshi, a prediction market operator, citing federal preemption by the Commodity Exchange Act and the CFTC's exclusive jurisdiction. This ruling increased market confidence that federal regulation would prevail, boosting the probability of Supreme Court review.
Federal judge bars Arizona from enforcing gambling laws against Kalshi prediction market
July 31 surges to 59%43%
A federal judge temporarily blocked Arizona from prosecuting Kalshi under state gambling laws, ruling that the Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over event contracts, which include sports event contracts. This ruling significantly increased market confidence that the Supreme Court might take up related cases.
Federal government sues Arizona, Connecticut and Illinois over prediction‑market regulations
July 31 drops to 64%13%
The Justice Department filed lawsuits challenging three states' attempts to regulate prediction‑market operators, arguing that the CFTC has exclusive authority. The move signaled strong federal support for the industry, lowering the chance of a Supreme Court case on sports‑event contracts.
Federal judge bars Arizona from enforcing gambling laws on prediction‑market operators
U.S. District Judge Michael Liburdi temporarily halted Arizona's criminal case against Kalshi, citing the CFTC's authority over event contracts under the Commodity Exchange Act. The decision underscored federal preemption, prompting traders to lower expectations of a Supreme Court certiorari grant.
Federal judge temporarily blocks Arizona from enforcing gambling laws against prediction market Kalshi
July 31 plunges to 13%37%
A federal judge barred Arizona from prosecuting Kalshi under state gambling laws, citing the Commodity Exchange Act and the CFTC's exclusive jurisdiction over swaps, which include event contracts. This ruling increased market confidence that federal regulation preempts state laws, impacting the July 31 outcome probability.
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