Kalshi Will Return to Ninth Circuit, This Time Against Arizona

Kalshi Inc. will again go before an appellate court where prediction market providers have endured tough questioning over whether sports offerings were gambling subject to state oversight.

Kalshi told the US District Court for the District of Arizona May 8 that it was appealing its April denial of a preliminary injunction against Arizona officials cracking down on its prediction markets.

But Arizona, which brought criminal charges against Kalshi in March, was temporarily enjoined from enforcing its gambling laws against it as a result of a request from the US agency that oversees derivatives trading.

The bid to the US Court ...