Gaming: All In: Your Weekly Gaming Round-up

Research evidence excerpt

Gaming: All In: Your Weekly Gaming Round-up

Estelle Weingrod AC Europe Equity Research

(44-20) 7742-8502 31 July 2026 J P M O R G A N

estelle.weingrod@jpmorgan.com

on CFTC-registered prediction markets, saying state gambling laws likely cover sports

event contracts and doubting CEA pre-emption (here)

• Four New Mexico tribes renewed their injunction bid against Kalshi, arguing its sports

event contracts violate IGRA and tribal compacts granting betting exclusivity, aren’t

pre-empted by CFTC oversight, and effectively enable sports betting – including for

under-21 users (here)

• Indian gaming leaders urged Senators to vote no on the CLARITY Act, warning the

crypto-focused bill’s digital-asset framework could inadvertently entrench the

“loophole” prediction markets use to bypass state/tribal gaming regulation without

adding guardrails to stop sports/casino-style event contracts (here)

• NCSL urged the CFTC to define “gaming” broadly in its proposed Rule 40.11 to

capture event contracts (including sports-related contracts that function like sports

wagers) and to weigh state/tribal consumer-protection safeguards and fiscal reliance

interests in its public-interest test (here)

• NCLGS unanimously adopted a resolution asserting states should retain primary

authority over gambling regulation amid the expansion of prediction markets (here)

• A Manhattan federal judge denied Kalshi’s emergency bid to block New York

gaming regulators from enforcing state law against its sports event contracts (the

second denial in three weeks), while Kalshi pursues relief at the Second Circuit –

contrasting with a separate Minnesota federal ruling the same day temporarily blocking

that state’s prediction-market ban pending litigation (here)