revenue’ for tribes, but the lifeblood on ‘which many tribes ha[ve] come to rely.’” Chicken Ranch Rancheria of Me-Wuk Indians v. California , 42 F.4th 1024, 1032 (9th Cir. 2022) (quoting In re Indian Gaming Related Cases , 331 F.3d 1094, 1097, 1099–1100 (9th Cir. 2003)). In fact, Indian gaming has become the most successful economic development initiative ever for Indian Country, lifting many tribes out of poverty and providing them with critical funding for education, healthcare, infrastructure, and cultural preservation. Pursuant to section 2710(d)(3)(A) of IGRA, Indian tribes and states are authorized to negotiate compacts to regulate “Class III gaming” on a government-to-government basis. Class III gaming includes various casino games, such as slot machines and banked card games, and, importantly here, sports betting. 25 C.F.R. § 502.4. While neither IGRA nor its implementing regulations expressly define “sports betting,” the term is generally understood to mean “staking or risking . . . something of value upon the outcome of . . . a sporting event . . . upon an agreement or understanding that the person or another person will receive something of value in the event of a certain outcome.” 31 U.S.C. § 5362(1)(A) (definition of “bet or wager” under the Unlawful Internet Gambling Enforcement Act). In turn, the term “sporting event” may entail a variety of factors surrounding sports competitions. For example, New Jersey defines “sports event” to mean not only the sport game itself, but “any portion thereof.” N.J. Stat. § 5:12A-10; see also id. (defining “sports book” as “the business of accepting wagers on any sports event by any system or method of wagering, including but not limited to single-game bets, teaser bets, parlays, over-under, moneyline, pools, exchange wagering, in-game wagering, in-play bets, proposition bets, and straight bets.”). Here, that is precisely what Sports Contracts purport to do. An event contract is one that is for a commodity “based upon the occurrence, extent of an occurrence, or contingency [of an event] . . . by a designated contract market or swap execution facility . . . .” 7 U.S.C. § 7a-2(c)(5)(C)(i). As such, a sports event contract is one that is based upon the occurrence or outcome of a sporting event, or any part thereof—meaning, Sports Contracts are contracts with a value dependent upon the outcome of certain sporting events, i.e. , sports betting. B. The CFTC Lacks Jurisdiction to Authorize Sports Contracts that Are Otherwise Prohibited by State Law The Commodity Exchange Act (“CEA”) gives the CFTC the “exclusive jurisdiction” over certain agreements and transactions “involving swaps or contracts of sale of a commodity for future delivery . . . .” 7 U.S.C. § 2(a)(1)(A); see also KalshiEX LLC v. CFTC , No. 23-3257, 2024 WL 4164694, *2 (D.D.C. Sept. 12, 2024). Commodities covered by the CEA include certain tangible goods, such as wheat, corn, or cotton, 7 U.S.C. § 1a(9), as well as what is deemed an “excluded commodity,” meaning (among other things) “an occurrence, extent of an occurrence, or contingency . . . that is . . . associated with a financial, commercial, or economic consequence,” id. § 1a(19)(iv). Sports Contracts—contracts concerning the outcome of certain sporting events or parts thereof—are governed as such an “excluded commodity.” However, as explained below, Sports Contracts do not qualify as “excluded commodities” and are therefore entirely outside the bounds of the CFTC’s jurisdiction. As such, Sports Contracts are strictly governed by tribal and state gaming laws. Specifically, an “excluded commodity” means: (i) an interest rate, exchange rate, currency, security, security index, credit risk or measure, debt or equity instrument, index or measure of inflation, or other macroeconomic index or measure; (ii) any other rate, differential, index, or measure of economic or commercial risk, return, or value that is-- (I) not based in substantial part on the value of a narrow group of commodities not described in clause (i); or (II) based solely on one or more commodities that have no cash market; (iii) any economic or commercial index based on prices, rates, values, or levels that are not within the control of any party to the relevant contract, agreement, or transaction; or
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