interests has allowed tribes to generate substantial gaming revenue, which goes directly to fund important tribal government services that benefit tribal citizens. KalshiEX LLC’s (“Kalshi”) unlawful and unfair entrance into the gaming market has adversely impacted tribal gaming revenue and the benefit of tribes’ bargained-for compacts. Additionally, by offering its so-called sports event contracts under the guise of commodity trading pursuant to the Commodity Exchange Act (“CEA”), Kalshi impedes tribes’ inherent sovereign right to regulate gaming activity on Indian lands. Contrary to Kalshi’s arguments: (1) the CEA does not govern its gaming-related sports event contracts, (2) such contracts are expressly prohibited by the CEA and Commodity Futures Trading Commission’s (“CFTC”) own regulations, and (3) federal, state, and tribal gaming laws therefore apply to the contracts (including IGRA). Because the lower court wrongly determined that Kalshi established a likelihood of success on the merits of its claims that its sports event contracts are exclusively governed by the CEA, this Court should reverse the District Court’s decision granting Kalshi’s motion for preliminary injunction. I. IGRA Governs Kalshi’s Sports Betting Conduct on Indian Lands A. Kalshi’s sports event contracts constitute “Class III Gaming” under IGRA Congress enacted IGRA in 1988 in the wake of California v. Cabazon Band of Mission Indians , 480 U.S. 202 (1987), to protect the sovereign authority of
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