6 events in Passaic County with a date

NJ wants Supreme Court to let it regulate Kalshi, Polymarket

By: Daniel Munoz
NorthJersey.com
USA Today Network - New Jersey

..... New Jersey authorities have asked the U.S. Supreme Court to weight in on whether states can police prediction market companies such as Kalshi the way they already do with sport betting operations.
..... In the petition to the Supreme Court filed Wednesday September 2, [2026] New Jersey Attorney General Jennifer Davenport argued hat firms such as Kalshi and Polymarket are essentially sports-betting platforms and need to be treated as such.
.... "Companies like Kalshi claim to offer legal sports betting in all 50 states, but they refuse to follow the gambling laws of any state," Davenport said in a statement Wednesday. [09/02/2026] "these companies have no right to offer their sports bets without following state law, which is why dozens of states across ideological spectrum have opposed them."
..... Kalshi and other firms, including Polymarket, have argued that they don't offer gambling. Instead, they're futures markets" or exchanges "where users buy/sell outcome-based contracts" - often digital - "on real-world events," according to an explainer by Casino.org .
..... Because the federal government does not consider it gambling or sports betting, it can be offered to people as young as 18, while traditional sports betting and gambling is limited to people at least 21 years of age.
..... New Jersey officials have criticized the firms for operating in the state without gambling licenses, in violation of the state's gambling laws.
..... Under the Trump's administration, the Commodity Futures Trading Commission, or CFTC, has staunchly opposed any state-led efforts to regulate prediction market firms. The president;s son, Donald Trump Jr., serves in an advisory role for both Pollymarket and Kalshi.
..... The Biden administration in 2024 floated a ban on bets related to political events, but the Trump administration has backed of form the proposal.
..... Critics have also called prediction markets a from of insider trading. For example, in the days leading up to initial US-Israel strikes on Iran, the Polymarket account "Magamyman" made $553,000 in bets on the removal of Iran's supreme leader, Ayatollah Ali Khamenei, NPR reported.
..... On April 24, [2026] in a separate indecent, U.S. Army Special Forces soldier Gannon Ken Van Dyke was charged in connection with placing bets on Polymarekt on the outcome of the top-secret raid to capture former Venezuelan President Nicolas Maduro.
..... And in July, [2026] ABC News reported that the president;s longtime teleprompter operator is believed to have made tens of thousands on Kalshi betting on more than a dozen of Trump's speeches.
..... "Kalshi is an open, nationwide financial exchange. It cannot be regulated by 50 different regulators," reads a statement from Kalshi spokesperson Dani Lever. "Both the Third Circuit and the District of New Jersey sided with Kalshi because the CFTC's exclusive jurisdiction preempts state law.
..... Representatives for Polymarket and the CFTC did not immediately return emails Wednesday [09/02/2026] seeking comment for this story.

Court previously sided with prediction markets

..... In a 2-1 decision in April, the U.S. Court of Appeals for the 3rd Circuit ruled that New Jersey gambling regulations cannot prevent prediction market companies form accepting wages on sports.
..... The judges ruled that the CFTC under the Trump administration has exclusive jurisdiction over prediction markets.
..... Kahshi's founder and CEO Tarek Mansour, called the April [2026] court decision "a big win for the industry and millions of users."
..... "People use prediction markets because they're more fair, transparent, and reward being right," Mansour said on X formerly Twitter.
..... "Free market work. We should keep them that way," he added.
..... New Jersey's Davenport, in the petition, is asking the Supreme Court to overturn that decision.
..... "We're calling on the Supreme Court to resolve this issue and recognize that Congress did not silently make the sports-betting industry immune from state law," shes aid Wednesday. [09/02/2026]

HOME