The National Football League filed an amicus brief with the U.S. Supreme Court on 8 October 2026, arguing that states should regulate prediction markets rather than federal authorities.
The dispute centres on platforms where users trade contracts on event outcomes, including sports matches. Jurisdiction is contested between state gambling oversight and federal commodity-futures regulation. The Commodity Futures Trading Commission, which oversees derivatives, claims authority over event contracts.
The NFL joined a case brought by New Jersey, which petitioned the Supreme Court to determine whether sports-event contracts fall under state gambling law. Federal appeals courts have issued conflicting rulings, prompting the state to escalate.
Operator Kalshi maintains that prediction markets are financial instruments subject to federal oversight. The NFL takes the opposite view. The choice carries commercial weight: federal rules would give operators uniform treatment across state lines, while state control would tie sports prediction markets to local licensing and consumer protection as in traditional betting.
The case, Flaherty v. KalshiEX Companies, may set the boundary between state and federal power. Former U.S. Attorney General William Barr of Torridon Law represents the league.
