New Jersey asks Supreme Court to rule on regulatory authority over sports betting on prediction markets

PANews reported on September 3, according to The Block, that New Jersey has filed a petition with the U.S. Supreme Court, requesting a ruling on the regulatory authority over sports betting on prediction markets. New Jersey Attorney General Jennifer Davenport submitted a 332-page petition for a writ of certiorari, asking the Supreme Court to review the Third Circuit Court of Appeals' earlier ruling in favor of Kalshi. New Jersey stated that "states have long enacted careful laws to regulate gambling, including preventing pathological gambling, underage gambling, and insider trading in sporting events," and called on the Supreme Court to "recognize that Congress did not implicitly exempt the sports betting industry from state law." A Kalshi spokesperson said the company disagreed with New Jersey's filing, stating that "Kalshi is an open national financial exchange and cannot be regulated separately by 50 different regulators."