Insights < BACK TO ALL INSIGHTS
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…
Kim Conroy on Unleashing Litigation’s Maximum Potential in High-Stakes Cases
June 29, 2026
Kim Conroy on Unleashing Litigation’s Maximum Potential in High-Stakes Cases
By: Ifrah Law
With first-chair trial experience and a record of success in complex disputes across federal and state courts and in arbitrations, Kim Conroy is Ifrah’s cross-firm coach for crafting and executing complex litigation strategies. She teams up with both senior and junior lawyers to strengthen their cases with procedural insights and time-tested tactics. Kim also is called upon to assist with bet-the-company cases involving institutional and…
Massachusetts Explores iGaming Legalization: Opportunities, Risks, and Next Steps
June 26, 2026
Massachusetts Explores iGaming Legalization: Opportunities, Risks, and Next Steps
By: Katie Kovalsky
Massachusetts Explores iGaming Legalization: Opportunities, Risks, and Next Steps As states consider legalizing iGaming, legislatures must consider not only whether to legalize but also how the industry should be regulated. While legalization presents opportunities for increased tax revenue and consumer protections, it also raises concerns about responsible gaming, youth exposure, and enforcement against illegal operators. Massachusetts is one state currently evaluating this decision. A bill…
Sunshine, Strategy, and Handshakes: Reflections on SBC Summit Americas 2026
June 23, 2026
Sunshine, Strategy, and Handshakes: Reflections on SBC Summit Americas 2026
By: Amanda Holi
There is something irreplaceable about the energy of a live industry event, and this year’s SBC Summit Americas in Fort Lauderdale delivered. From June 9–11, the Broward County Convention Center became the epicenter of the gaming, sports wagering, and iGaming worlds. While the South Florida sunshine was a welcome backdrop, the real heat was inside the convention center, where industry professionals gathered to discuss everything…
Lessons from the Restructuring of an Online Sports Betting Company
June 12, 2026
Lessons from the Restructuring of an Online Sports Betting Company
By: Ifrah Law
The U.S. has seen numerous casino bankruptcies, including, most recently, Maverick Gaming in July 2025. What it has not seen, until now, is the bankruptcy of an online sportsbook. Previously, when companies exited a state, they cut deals with as many creditors as possible and just left the state (or the United States). Examples of this in recent years include Betfred, Betway, Unibet, and in…
CFTC Predicting Litigation Success over Multiple States
June 8, 2026
CFTC Predicting Litigation Success over Multiple States
By: John Mikuta
Through recent litigation actions, the Commodity Futures Trading Commission (“CFTC”) continues to stake out an aggressive position in the fight over who has the authority to regulate prediction markets. On May 18, 2026, Minnesota Gov. Tim Walz signed into law SF 4760, an omnibus public safety bill that made it a felony to operate or assist in operating a prediction market.[1] The next day, the…
