2026 Membership Book FINAL

As noted above, Kalshi not only violates IGRA, but strikes at the heart of tribal sovereignty by offering what is effectively unregulated nationwide online sports betting. Kalshi usurps the rights of tribes to regulate gambling within their borders and undermines the sovereign right of tribes to negotiate Class III gaming compacts with states. IGRA “strike[s] a delicate balance between the sovereignty of states and federally recognized Native American tribes.” Chicken Ranch , 42 F.4th at 1031 (quoting Pauma Band of Luiseño Mission Indians of the Pauma & Yuima Rsrv. v. California , 813 F.3d 1155, 1160 (9th Cir. 2015)). Kalshi’s online sports betting on Indian land therefore diminishes tribal bargaining power in compact negotiations and diminishes the value of the tribes’ bargained-for benefits by violating the tribes’ exclusive compact rights. Finally, Kalshi is siphoning revenue from tribal governments in defiance of federal Indian policy. IGRA requires all revenues from tribal gaming be used solely for governmental or charitable purposes. 25 U.S.C. § 2710(b)(2)(B). As the Court explained in Bay Mills : “[T]ribal gaming operations cannot be understood as mere profit-making ventures that are wholly separate from the Tribe’s core governmental functions.” 572 U.S. at 812–13 (Sotomayor, J., concurring). Tribes rely on gaming revenue because destructive former federal policies “left a devastating legacy” on tribes that are “largely unable to obtain substantial revenue by taxing members . . . [because] there is very little income, property, or sales [that

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