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In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
FEATURED
September 1, 2026
In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
By: John Mikuta
The ongoing legal battle over whether the federal Commodity Futures Trading Commission (“CFTC”) or state regulators have the authority to regulate sports-related prediction markets is heating up. Last week, the U.S. Court of Appeals for the Ninth Circuit turned away a challenge by Kalshi, the largest prediction market in the United States, to the Nevada Gaming Control Board’s letter ordering it to cease and desist operations in the state of Nevada.[1] The Ninth Circuit held that the lower court did not abuse its discretion in concluding that Kalshi was not entitled to a preliminary injunction because it did not establish a likelihood that the federal Commodity Exchange Act (“CEA”) preempts state gaming regulations. The Ninth Circuit’s ruling stands in direct…
A Ticket to Win: Are Travel Points a Thing of Value?
August 21, 2026
A Ticket to Win: Are Travel Points a Thing of Value?
By: Abbey Block
With the end of summer drawing near, many American families may be hoping to book a last-minute getaway. Some of those travelers may be hoping to take advantage of credit card points to book their trips on the cheap. Credit card points have become a ubiquitous part of American capitalism – particularly those offered by airlines, often referred to as “travel points.” According to the…
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
August 17, 2026
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
By: Kyra Pulliam
The Commodity Futures Trading Commission (CFTC) recently issued guidance directed to designated contract markets (DCMs) concerning the marketing and offering of event contracts. The guidance was addressed to DCMs because no swap execution facilities (SEFs) currently list event contracts. However, the CFTC’s analysis is equally applicable to futures commission merchants (FCMs) and introducing brokers (IBs), as well as the advertising affiliates and marketing partners that…
Despite Pandemic, New Sports Gambling And Online Gaming Market Entries Proliferate
July 20, 2020
Despite Pandemic, New Sports Gambling And Online Gaming Market Entries Proliferate
By: Ifrah Law
If someone had told you at the beginning of 2020 that, by March, global sports would largely shut down, with a slow resumption not happening until the summer of 2020, you may have predicted that 2020 would be a bad year for businesses involved in sports wagering, fantasy sports, and iGaming. Yet, the rapid legalization of sports wagering across the United States has not relented,…
Virginia announces Rules and Timelines for Legalized Sports Betting.
July 15, 2020
Virginia announces Rules and Timelines for Legalized Sports Betting.
By: Ifrah Law
Today is the day that many have been eagerly awaiting; the day the Virginia Lottery’s Board discussed the state’s draft sports betting regulations. People are already comparing the draft rules to those of other states, particularly Tennessee, and Virginia appears to compare favorably. Below, we examine some of the highlights of those regulations. During the presentation, Board Chairman Ferhan Hamid asked a significant question to…
Legal Sports Betting Still Faces Competition From Illegal Market; Low State Taxes Could Turn The Tide
April 27, 2020
Legal Sports Betting Still Faces Competition From Illegal Market; Low State Taxes Could Turn The Tide
By: Ifrah Law
The following blog was first published by Forbes.com earlier this month, available here. Even amidst the COVID-19 pandemic, states are moving quickly to legalize sports wagering. Indeed, just last month, Washington Governor Jay Inslee signed sports betting into law in that state, in addition to the Virginia state legislature passing a bill. It is not surprising that even amidst the pandemic, states are still considering…
Betting on Transparency
March 10, 2020
Betting on Transparency
By: James Trusty
Professional sports leagues are struggling to take coherent and consistent positions on the emerging market for legalized sports betting. Commissioners are issuing edicts to their leagues about the danger gambling poses to their sport, but they are also beginning to officially partner with the gaming industry due to the promising bottom-line impact and growing acceptance of sports betting in general. Their wobbling between moral opposition…
For the Children! Seeking to Advance Special Interests Against Online Gaming Under the Guise of Child Welfare
March 9, 2020
For the Children! Seeking to Advance Special Interests Against Online Gaming Under the Guise of Child Welfare
By: Nicole Kardell
Want an example of legislative redundancy? Here’s a good one: “The Prevention of Deceptive or Child-Targeted Advertising in Violation of the Unlawful Internet Gambling Enforcement Act.” It’s proposed legislation seeking to justify new legislation to make that which is illegal… illegaler? Or, want an example of legislation that uses children’s welfare as a pretense to achieve some outside goal with less public appeal? You can…
