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In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
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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…
Is the Daily Fantasy Sports Showdown in Texas Just for Show?
September 17, 2018
Is the Daily Fantasy Sports Showdown in Texas Just for Show?
By: Ifrah Law
It’s a showdown in Texas over the legality of daily fantasy sports (“DFS”) contests under Texas law. But it’s a showdown only for show, it seems. The drama over the legality of DFS in Texas began on January 19, 2016, when Texas Attorney General Ken Paxton unilaterally issued an opinion letter declaring fantasy sports illegal within the state. The fallout from this opinion was swift….
Who Needs a License for Online Sports Betting and Gaming in New Jersey?
September 6, 2018
Who Needs a License for Online Sports Betting and Gaming in New Jersey?
By: Steven Eichorn
With online sports betting and gaming now legal in New Jersey, many businesses are seeking to jump into this flourishing industry. However, the regulations require that any company seeking to offer this kind of entertainment be associated with a land-based casino in the state, and that kind of association requires a specific legal status. Companies seeking to do business with a New Jersey casino need…
A Guide To Getting A Legal Online Gaming License
August 29, 2018
A Guide To Getting A Legal Online Gaming License
By: Ifrah Law
Now that states have the right to decide whether to allow sports betting within their borders, the floodgates have opened: numerous states are passing bills so that this form of entertainment can start generating revenue within their borders. Because many consumers will want to engage in this kind of online gaming on their mobile devices, some forward-thinking jurisdictions have specifically included mobile sports betting in…
Why We Won’t See A Federal Sports Betting Bill Soon
July 30, 2018
Why We Won’t See A Federal Sports Betting Bill Soon
By: Ifrah Law
Following the Supreme Court decision to overturn The Professional and Amateur Sports Protection Act (PASPA) in Murphy v. NCAA, in June Delaware became the first state to take advantage of the new ruling. Delaware governor John Carney placed the state’s first legal single-game bet: $10 on the Philadelphia Phillies in their game against the Chicago Cubs, and within 24 hours, Delaware drew more than $322,000…
Industry Experts Agree: Online and Mobile Wagering is Critical to the Success of Sports Betting
July 25, 2018
Industry Experts Agree: Online and Mobile Wagering is Critical to the Success of Sports Betting
By: Ifrah Law
The recent University of Nevada Las Vegas Institute on Gaming Regulation’s Understanding Sports Betting seminar included presentations by professors from UNLV, practicing attorneys in the field, sports book operators, and regulators from the Nevada Gaming Control Board, who provided a wide range of viewpoints on the ins-and-outs of sports betting regulation. The one topic on which all presenters and attendees agreed was the importance of…
