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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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 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 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 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.