By Marshall Cohen, CNN (CNN) — New Jersey on Wednesday asked the Supreme Court to shut down prediction markets in the state, teeing up a potential landmark case where the justices could decide if the highly popular but controversial industry can survive in its current form.
New Jersey asked the Supreme Court on Wednesday to weigh in on a growing legal battle between prediction markets and states over who has the authority to regulate the platforms. It marks the first time that the dispute, which has resulted in conflicting decisions at the appellate level, has been rai…
If the high court accepts the petition, it would tee up a case with sweeping implications for prediction markets, an industry that has unleashed billions of dollars of betting across nearly every aspect of modern life.
New Jersey Attorney General Jennifer Davenport filed a petition with the Supreme Court on Wednesday, asking the justices to determine whether prediction market company Kalshi can offer sports contracts despite state gambling laws.
New Jersey is asking the Supreme Court to weigh in for the first time on regulation of prediction markets like Kalshi and Polymarket -- potentially paving the way for the Garden State to shut them down.
New Jersey authorities on Wednesday asked the U.S. Supreme Court to resolve whether states have the power to police sports betting that occurs on prediction markets operated by Kalshi and competing platforms.
