Case: 25-7516, 01/30/2026, DktEntry: 49.2, Page 10 of 41
and should therefore affirm the lower court’s decision dissolving the preliminary injunction. America’s history is replete with prospectors taking resources from Indian lands without permission from Tribes. But Congress put a stop to that practice long ago. Yet Kalshi would have this court believe that, without so much as a whisper of legislative intent, Congress gave it permission to enter Indian lands and siphon gaming revenues away from tribes over such tribes’ objections. Congress did no such thing. When Congress adopted the Indian Gaming Regulatory Act (“IGRA”), it sought to “promot[e] tribal economic development, self-sufficiency, and strong tribal governments.” 25 U.S.C. § 2702(1). IGRA has been incredibly successful on that front. 3 Since IGRA’s passage in 1988, tribes across the United States have lifted entire generations out of poverty through tribal gaming. Gaming revenue supports thousands of jobs in hundreds of communities, and provides critical funding to tribal, state, and local governments through revenue-sharing agreements, taxes, and economic stimulus. See Michigan v. Bay Mills Indian
3 See, e.g. , National Indian Gaming Commission, FY 2023 Gross Gaming Revenue Report 4–5 (Jul. 2024), available at https://www.nigc.gov/wp- content/uploads/2025/02/GGR23_Final.pdf.
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