NFL tells Supreme Court: Kalshi bets need state rules
The case turns on a split between the Third, Sixth & Ninth circuits over whether sports contracts are swaps or bets.
The hit
The NFL has filed a Supreme Court brief backing New Jersey’s bid to regulate Kalshi’s sports prediction contracts as gambling, not financial swaps. The league said NFL-related contracts made up $1.8bn of the $3.3bn traded across prediction markets on the first Sunday of the season.
Why it matters
If the Supreme Court takes the case & sides with New Jersey, sports prediction contracts would fall under state gambling laws rather than federal swap rules. The NFL argues federal oversight lacks the information sharing it says state-regulated sportsbooks provide, including sharing lists of banned bettors, & says it wants a minimum age of 21 for the product. If Kalshi wins instead, the NFL says it could push the CFTC, operators & Congress for stronger safeguards before the 2027 season.
The record
| Amicus brief filed | Thursday, supporting New Jersey regulators (NFL) |
|---|---|
| Circuit split | Third Circuit sided with Kalshi in April; Sixth & Ninth circuits disagreed |
| NFL contract volume | $1.8bn of $3.3bn in total prediction market trading, first Sunday of the season (NFL) |
| Proposed minimum age | 21, per the NFL’s brief |
| Next regulatory push flagged | Before the 2027 season, if Kalshi wins (NFL) |
What happens next
The Supreme Court has not yet said whether it will hear the case. A decision to grant or deny review is the next milestone to watch.
Sources: NFL Backs New Jersey In Petition To Supreme Court
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