Case: 25-1922 Document: 83 Page: 18 Date Filed: 09/24/2025
Page 17
1 in section two, which includes the requirement that they
2 referred to that, that swaps have to be traded on exchange,
3 limits states from subjecting sportsbooks or gambling casinos,
4 or -- I'm not sure exactly what the scope of their argument is,
5 but nothing about the rest of section two limits states from
6 subjecting sportsbooks to their own state authority and Chief
7 Judge Chagares, you know, they as you noted, they made the
8 argument that, well, these don't fall within the statutory
9 definition of a swap, and as you noted, I mean, the definition
10 that Congress used in Dodd-Frank is quite broad. It is any
11 event associated with potential financial, economic, or
12 commercial consequences --
13
JUDGE PORTER: Let me ask you a question similar to
14 what I asked your friend. What kinds of sports betting are
15 available off the designated -- outside the designated contract
16 markets?
17
MR. HAVEMANN: Sports bets offered by sportsbooks in
18 New Jersey and around the country are permissible and they're
19 regulated by state law, and if they do not occur on DCMs, they
20 may be regulated under state law. That we think is the clear
21 import of the CEA and the Dodd-Frank Amendments, and that is
22 certainly our position here. So the parade of horribles about
23 every, you know, casino or every sports book being a felon, if
24 the District Court's injunction is affirmed, just simply does
25 not obtain.
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