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Federal Court Legalizes Betting on U.S. Elections Ahead of November 5, Kalshi to Resume Markets

Oct 2, 2024, 03:41 PM

A federal appeals court has ruled that betting on U.S. elections, including both congressional and presidential elections, is lawful. This decision marks a significant victory for Kalshi, a New York-based prediction market platform, which can now resume listing contracts on election outcomes. The ruling comes just one month before the November 5, 2024, presidential election, allowing Americans to legally wager on the results. The court, led by Judge Patricia Millett, rejected the Commodity Futures Trading Commission's (CFTC) efforts to block these markets, stating that the CFTC failed to show sufficient cause. This decision is expected to bring prediction markets into the spotlight as the election approaches.