Case 1:25-cv-14723 Document 10-1 Filed 08/19/25 Page 22 of 34 PageID: 94
non-occurrence of a future event that is beyond the control of the parties to the contract; and
(ii) the underlying sporting events they concern have economic consequence. See KalshiEx ,
2025 WL 1218313, at *2, *6; KalshiEx (D. Nev.) , 2025 WL 1073495, at *5 n.3. With respect to
the latter requirement, wins and losses in sporting events have obvious, significant financial
consequences for the players, the teams, the owners or the schools they represent, their
communities, the television networks that cover the matches, and other stakeholders. See
KalshiEx , 2025 WL 1218313, at *6 (“Defendants argue that sporting events are without potential
financial, economic, or commercial consequence. On the record before me, I disagree.”). For
example, wins can increase the value of the franchise, leading to more ticket sales, more revenue
from sponsorships, merchandise, parking, and food at games, and more TV viewership, as the
Florida Panthers experienced after winning the 2024 Stanley Cup. Orsini Decl. ¶ 5. Sporting
events also generate economic boons for the cities in which they take place; the New York
Knicks’ 2025 postseason generated an estimated $195 million in economic activity from home
playoff games. Id. ¶ 6. Sporting events also impact the advertising revenue to television
networks that broadcast them; when this year’s NBA Finals went the full seven games, ABC’s
sports viewership increased 17% during the month the games took place compared to the
previous month. Id. ¶ 7.
The CEA expressly grants the CFTC “exclusive jurisdiction” over all “transactions
involving swaps or contracts of sale of a commodity for future delivery” that are “traded or
executed on a contract market designated” by the CFTC. 7 U.S.C. § 2(a)(1)(A). The CEA also
includes a separate provision entitled “Special rule for review and approval of event contracts
and swaps contracts,” which confirms that the CFTC has authority over “the listing of
agreements, contracts, transactions, or swaps in excluded commodities that are based upon the
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