Kris Mayes: “Something happened and perhaps that something had to do with a mega-billionaire named Ellison. We are seeing more and…”

This is a significant win for states’ authority to regulate gambling operations. Calling a sports bet a ‘swap’ doesn’t make it one.

The 9th Circuit clearly explained in its ruling in the Nevada case that the federal law regulating commodities was never intended to strip states of their traditional police power over gambling.

Kalshi’s position would have effectively federalized sports betting regulation nationwide and swept aside decades of state and tribal oversight built to protect consumers from the real harms of unregulated gambling.

Residence is not what triggers eligibility under (Prop. 308),