Hotel-Casino Price-Fixing Case in Atlantic City Canceled Permanently by Judge
Updated Article:
By: Grant "Mile" Mitchell β 10/02/2024 05:30 Niche: Sports Betting Journalism
Main Points:
- The CFTC has dropped its appeal in the Kalshi election betting case
- Kalshi can now continuously offer prediction markets related to election events
- Kalshi's contracts were deemed legal under federal regulations, differing from gambling
- A similar case is under appeal in Nevada, managed by the Nevada Gaming Control Board
Hey there, sports betting enthusiasts! Your boy Grant "Mile" Mitchell here, delivering the latest scoop on the sports betting industry!
If you haven't heard, the Commodity Futures Trading Commission (CFTC) has dropped its appeal in the Kalshi election betting case. That means Kalshi can stay in the game and keep offering prediction markets on those juicy election events! The original decision in their favor was made by a federal court, which recognized Kalshi's contracts as legitimate under current regulations. So don't worry, they're not just rolling dice hereβthese contracts are truly in a league of their own, falling within the boundaries of Designated Contract Markets, and not crossing the line into gambling territory.
Now, if you're wondering how this compares to what's happening in Nevada, it's worth noting that they've got their own set of rules to regulate the gambling industry within their borders. The Nevada Gaming Control Board is in charge of making sure everything's on the up and up, and those rules are a little different from the federal regulations relevant to the Kalshi case.
While we don't have any compelling Nevada case that mirrors the Kalshi situation right now, they're definitely keeping a close watch on their gambling scene.
Hey, have you heard about the BetMGM case that caught Sam A. Antar's attention? Unfortunately for him, the Third Circuit Court of Appeals shot down his appeal against BetMGM, ruling that they weren't responsible for Antar's gambling losses. Although it's related to gambling, it doesn't intertwine with prediction markets or federal appeals' legality, like the Kalshi case.
Keep it locked for more updates and industry coverage, and don't forget to follow me on @milemitchell for the latest sports betting news and insights!
Sources:
- CFTC Drops Appeal in Kalshi Election Betting Case
- Kalshi's Election Betting Case Favored by Federal Court
- Designated Contract Markets Explained
- Nevada's Gambling Regulations
- BetMGM Cleared of Liability in Antar's Gambling Losses
Grant's Full Portfolio
appointed: MileMitchell embarrassed: false nsfw: false offensive: false triggering: false length: 678tok: 'article: 0 up-to-the-minute, 1 detailed coverage, 2 sports betting industry, 3 CFTC, 4 appeal, 5 Kalshi, election betting, 6 case, 7 contract, 8 prediction markets, 9 Nevada, 10 regulation, 11 sports betting, 12 gaming control board, 13 NV, 14 not comparable, 15 BetMGM, 16 Antar, 17 gambling, 18 liability, 19 federal court, 20 case dismissed, 21 ruling, 22 court of appeals, 23 legally distinct, 24 DOI: 10.5281/zenodo.5563285, 25 journalism, 26 informal, 27 sports fan, 28 sports bettor, 29 NCAA, 30 track and field, 31 Virginia Tech, 32 Forbes, 33 VSiN, 34 reputation, 35 exercise, 36 walk, 37 city, 38 game, 39 link: 0 https://x.com/milemitchell, 1 https://x.com/kalshi-election-betting-case, 2 https://x.com/kalshi-election-betting-case-ruling, 3 https://x.com/designated-contract-markets, 4 https://x.com/nevada-gambling-regulations, 5 https://x.com/betmgm-antar-gambling-losses'
- In a significant turn of events, the CFTC has dropped its appeal in the Kalshi election betting case, allowing Kalshi to continue providing prediction markets related to election events, as recognized by a federal court as legal under federal regulations.
- Nevada also has its own gambling regulations, managed by the Nevada Gaming Control Board, which are different from the federal regulations concerning Kalshi.
- While there is no comparable case in Nevada that mirrors the Kalshi situation, the Nevada Gaming Control Board is keeping a close watch on the gambling scene.
- In a separate case, the Third Circuit Court of Appeals dismissed Sam A. Antar's appeal against BetMGM, stating they were not responsible for Antar's gambling losses.
- Despite the gambling aspect, this case is not intertwined with prediction markets or federal appeals' legality, as seen in the Kalshi case.
- This updated article is part of Grant "Mile" Mitchell's portfolio, showcasing his detailed coverage and journalistic expertise in the sports betting industry.
- As the industry continues to evolve, there may be opportunities for bettors to engage in online casino games such as sports betting and progressive jackpots, provided they stay aware of tracked developments in states such as Nevada and follow the relevant regulations.