Case: 25-7831, 03/10/2026, DktEntry: 81.1, Page 14 of 43
experience” necessary to exercise jurisdiction over the “rapidly evolving field” of gambling. Id. at 48983. III. The dispute here concerns sports betting on designated contract markets. (For ease of reading, this brief calls the relevant platforms “pre- diction markets.”) These markets began offering sports-related events contracts at the beginning of last year. And they actively advertised such contracts as sports betting. Dustin Gouker, Ten Times Kalshi Said Peo- ple Could Bet On Things , Event Horizon (April 3, 2025), perma.cc/CWK2- TZCV. This form of sports betting has quickly taken hold with the public. See, e.g. , Lev Akabas, Kalshi’s Volume Has Been 90% Sports During Foot- ball Season , Sportico (Oct. 3, 2025), perma.cc/X5WL-8LGM. Prediction markets, in turn, have quickly expanded the types of sports bets they offer. Dustin Gouker, Kalshi Rolls Out Same-Game Parlays For Monday Night Football Games , Event Horizon (Sept. 30, 2025), perma.cc/V3M9- L59R. Today, people can make all types of sports bets on these plat- forms—ranging from who will win a game, to whether a team will cover a point spread, to more obscure wagers about how a given athlete will perform. See, e.g. , Kalshi Website, Sports, https://kalshi.com/sports/all- sports (last accessed March 2, 2026).
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