LegalAll venues

Prediction market legal status by state, and the court actions behind it.

As of Oct 23, 2026 (Polymarket: Oct 21, 2026), Kalshi, Polymarket and Robinhood have a lawsuit, order, ruling or cease-and-desist in 22 states between them. In three (Washington, Nevada and Michigan), an order or agreement has switched some markets off. Below: each state by venue, 123 dated court actions newest first, and where the appeals courts stand. The page is rebuilt at each legal check, not in real time.

By Owen Monagan, Founder & CEOUpdated

Prediction market legal status by state: where things stand

Checked Oct 23, 2026 (Polymarket: Oct 21, 2026)
Kalshi
22 states with a case, checked Oct 23, 2026
Polymarket
10 states with a case, checked Oct 21, 2026
Robinhood
11 states with a case, checked Oct 23, 2026
Markets switched off
Washington, Nevada and Michigan
Supreme Court
Three petitions, none granted
Source
Next date
Nov 9, 2026: Kalshi's response to New Jersey's petition is due.
Source

By state22 states

Where are prediction markets legal?

Each venue is available or restricted state by state. These are the 22 states where at least one of Kalshi, Polymarket and Robinhood has a case, as of Oct 23, 2026 (Polymarket: Oct 21, 2026); every other state has no order, lawsuit or cease-and-desist we found.

StateKalshiPolymarketRobinhood
ArizonaKalshi in Arizona: Being foughtPolymarket in Arizona: No action foundRobinhood in Arizona: No action found
ConnecticutKalshi in Connecticut: Being foughtPolymarket in Connecticut: No action foundRobinhood in Connecticut: Case pending
IllinoisKalshi in Illinois: Being foughtPolymarket in Illinois: No action foundRobinhood in Illinois: Case pending
IowaKalshi in Iowa: Being foughtPolymarket in Iowa: No action foundRobinhood in Iowa: No action found
KentuckyKalshi in Kentucky: Being foughtPolymarket in Kentucky: Case pendingRobinhood in Kentucky: Case pending
MarylandKalshi in Maryland: Being foughtPolymarket in Maryland: Case pendingRobinhood in Maryland: Case pending
MassachusettsKalshi in Massachusetts: Ordered, on holdPolymarket in Massachusetts: No action foundRobinhood in Massachusetts: Case pending
MichiganKalshi in Michigan: Switched offPolymarket in Michigan: Case pendingRobinhood in Michigan: Sports stopped by agreement
MinnesotaKalshi in Minnesota: Being foughtPolymarket in Minnesota: Case pendingRobinhood in Minnesota: No action found
MissouriKalshi in Missouri: Being foughtPolymarket in Missouri: Case pendingRobinhood in Missouri: Case pending
MontanaKalshi in Montana: Being foughtPolymarket in Montana: No action foundRobinhood in Montana: No action found
NevadaKalshi in Nevada: Switched offPolymarket in Nevada: Switched offRobinhood in Nevada: Sports stopped by agreement
New JerseyKalshi in New Jersey: Being foughtPolymarket in New Jersey: No action foundRobinhood in New Jersey: Case pending
New MexicoKalshi in New Mexico: Being foughtPolymarket in New Mexico: No action foundRobinhood in New Mexico: No action found
New YorkKalshi in New York: Being foughtPolymarket in New York: Case pendingRobinhood in New York: No action found
North CarolinaKalshi in North Carolina: No action foundPolymarket in North Carolina: No action foundRobinhood in North Carolina: No action found
OhioKalshi in Ohio: Being foughtPolymarket in Ohio: Case pendingRobinhood in Ohio: No action found
Rhode IslandKalshi in Rhode Island: Being foughtPolymarket in Rhode Island: Case pendingRobinhood in Rhode Island: No action found
TennesseeKalshi in Tennessee: Being foughtPolymarket in Tennessee: No action foundRobinhood in Tennessee: No action found
UtahKalshi in Utah: Being foughtPolymarket in Utah: No action foundRobinhood in Utah: No action found
WashingtonKalshi in Washington: Switched offPolymarket in Washington: No action foundRobinhood in Washington: Case pending
WisconsinKalshi in Wisconsin: Being foughtPolymarket in Wisconsin: Case pendingRobinhood in Wisconsin: Case pending
Each venue’s own status groups, as of its last check (Kalshi Oct 23, 2026, Polymarket Oct 21, 2026, Robinhood Oct 23, 2026). A status opens that venue’s page for the state, or its legal page where there is no state page.

Why there is more than one way to file

Federal appeals courts are split over whether these contracts are gambling that a state can license or exchange products that only the CFTC regulates. A ruling on state licensing is not a tax ruling, and the IRS has issued no guidance on event contracts. Because no court or agency has settled what these contracts are, people file them more than one way. Of the people we’ve seen file, these are the three most common ways, and Realize supports each of them. The same trades can be priced under each route, side by side.

Three common ways people file event contracts: route, form, and what it does.
RouteFormWhat it does
Gambling income, section 165(d)Schedule 1; losses on Schedule AWinnings are reported in full. Losses can be deducted only if you itemize, at 90% of losses and capped at winnings (tax years beginning after Dec 31, 2025).
Standard capital gainsForm 8949 and Schedule DEach closed contract is a sale. Gain or loss is short or long term by holding period, and net losses can offset other gains.
Section 1256Form 678160% of the net gain or loss is treated as long term and 40% as short term. Open positions are marked to market at year end, and a net loss can be carried back three years.

Lawsuits11 states

Prediction market lawsuits: which states have sued?

As of Oct 23, 2026 (Polymarket: Oct 21, 2026), officials or a city in 11 states have sued at least one of Kalshi, Polymarket and Robinhood. Cease-and-desist letters, and the suits the venues brought against states, are in the court actions below.

StateKalshiPolymarketRobinhood
ConnecticutSued Aug 26, 2026Attorney GeneralFiling––
KentuckySued Jun 17, 2026Attorney GeneralFilingSued Jun 17, 2026Kentucky Attorney GeneralFilingSued Jun 17, 2026Kentucky Attorney GeneralFiling
Maryland–Sued Aug 13, 2026City of BaltimoreFilingSued Aug 13, 2026City of BaltimoreFiling
MassachusettsSued Sep 12, 2025Attorney GeneralFiling––
MichiganSued Mar 3, 2026Attorney General, for the Gaming Control BoardFiling––
NevadaSued Feb 17, 2026Nevada Gaming Control BoardFilingSued Jan 16, 2026Nevada Gaming Control BoardFiling–
New MexicoSued Jun 4, 2026Attorney GeneralFiling––
New YorkSued Jul 31, 2026Attorney GeneralFilingSued Sep 24, 2026New York Attorney GeneralFiling–
Rhode IslandSued May 21, 2026Attorney GeneralFilingSuedRhode Island Attorney GeneralFiling–
WashingtonSued Mar 27, 2026Attorney GeneralFiling––
WisconsinSued Apr 23, 2026Attorney GeneralFilingSued Apr 23, 2026Wisconsin Department of JusticeFilingSued Apr 23, 2026Wisconsin Department of JusticeFiling
The first lawsuit by each state’s officials, or a city in the state, against each venue. A lawsuit alone switches nothing off; only an order in force does.

Appeals courts4 rulings

Prediction market appeals: what have the federal courts decided?

As of Oct 23, 2026 (Polymarket: Oct 21, 2026), the Third, Ninth and Sixth Circuits have ruled in these cases on whether sports event contracts are swaps and whether federal law preempts state gambling law, and their rulings point different ways. The Third Circuit’s ruling for Kalshi is a preliminary-injunction ruling: it held that Kalshi is likely to succeed, not that it has won. A ruling binds the federal courts in the states its circuit covers.

CourtCaseRulingWhat it heldSource
Third CircuitApr 6, 2026Kalshi’s caseFor KalshiRuled for Kalshi: it is likely to succeed in showing that federal law preempts New Jersey's ban on its sports contracts.Opinion
Ninth CircuitAug 28, 2026Kalshi’s caseFor the statesRuled for Nevada: sports contracts likely aren't swaps, so states can enforce. Kalshi has asked the full court to rehear the case.Opinion
Ninth CircuitAug 28, 2026Robinhood’s caseFor the statesIn an unpublished memorandum (No. 25-7831), affirmed the denial of Robinhood's request for a temporary restraining order in Nevada, concluding that sports-related contracts are not swaps under the Commodity Exchange Act and following its published Kalshi opinion (No. 25-7516) filed the same day. Robinhood has petitioned the Supreme Court.Opinion
Sixth CircuitSep 25, 2026Kalshi’s caseFor the statesRuled for Ohio and Tennessee: Kalshi hasn't shown its sports contracts are swaps, and even if they were, federal commodities law doesn't preempt the states' gambling laws. Kalshi asked the full court to rehear on Oct 9, 2026.Opinion
Each appeals court decision in a case one of these venues is party to, oldest first.

Appeals with no decision yet

CourtVenueWhere it standsDocket
Fourth CircuitMaryland, North Carolina, South Carolina, Virginia, West VirginiaKalshiHeard Maryland's case May 7, 2026. No decision yet.Docket
Tenth CircuitColorado, Kansas, New Mexico, Oklahoma, Utah, WyomingKalshiRefused on Sep 8, 2026 to pause Utah's win while Kalshi appeals. The appeal itself is pending.Docket
Second CircuitConnecticut, New York, VermontKalshiHearing Kalshi's appeals from New York (No. 26-1835) and Connecticut (No. 26-2239) in tandem. New York's brief is due Oct 30, 2026.Docket
Seventh CircuitIllinois, Indiana, WisconsinKalshiNo ruling on Kalshi yet. Appeals from the CFTC's suit against Wisconsin were docketed in August 2026.Docket
Eighth CircuitArkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota, South DakotaKalshiKalshi appealed Iowa's win on Sep 15, 2026 (No. 26-2874). No decision yet.Docket
Ninth CircuitAlaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, WashingtonPolymarketPolymarket's appeal of the order sending Nevada's case back to state court (No. 26-1343) is on hold behind three other Nevada appeals, Kalshi's among them. On May 21 the court denied Polymarket's request to pause that order while it appeals.Docket
Sixth CircuitKentucky, Michigan, Ohio, TennesseePolymarketPolymarket US's appeal of the Michigan injunction denial (No. 26-1552) is pending. No decision yet.Docket
Sixth CircuitKentucky, Michigan, Ohio, TennesseeRobinhoodRobinhood's appeal of the Michigan injunction denial (No. 26-1542), consolidated with Polymarket US's (No. 26-1552), is pending.Docket
First CircuitMassachusetts, Maine, New Hampshire, PR, Rhode IslandRobinhoodRobinhood's appeal of the dismissal of its Massachusetts case is pending.Docket
Appeals pending as of Oct 23, 2026 (Polymarket: Oct 21, 2026), with the states each circuit covers.

The rulings and what each held are set out in Is Kalshi gambling?, and the petitions they produced in Kalshi at the Supreme Court.

Supreme Court3 petitions

Can a state block a CFTC-regulated prediction market?

Unresolved as of Oct 23, 2026 (Polymarket: Oct 21, 2026). Three petitions ask the Supreme Court whether federal commodities law preempts state gambling law, and none has been granted. Meanwhile, the state orders and agreements listed below have switched some markets off.

Who gets to regulate sports contracts on a federally registered exchange: only the federal regulator, or the states too? The Court is being asked whether federal commodities law preempts state gambling laws, not whether anyone must stop, and not how the trades are taxed.

  • No. 26-299Filed Sep 2, 2026
    Flaherty v. KalshiEXNew Jersey (state gaming regulators). From the Third Circuit, No. 25-1922, which ruled for Kalshi on Apr 6, 2026.Kalshi's response is due Nov 9, 2026, extended at Kalshi's request from Oct 8. Briefs backing New Jersey's side have come from Ohio, 38 other states and the District of Columbia (Oct 7), and more amicus briefs followed on Oct 8, including from the NFL, the American Gaming Association and 145 tribes.Docket
  • No. 26-338Filed Sep 10, 2026
    Robinhood Derivatives v. DreitzerRobinhood (a broker offering Kalshi's contracts). From the Ninth Circuit, No. 25-7831, which ruled for Nevada on Aug 28, 2026.Nevada's response is due Nov 13, 2026, extended from Oct 14.Docket
  • No. 26-344Filed Sep 11, 2026
    North American Derivatives Exchange v. NevadaCrypto.com (another exchange). From the Ninth Circuit, No. 25-7187, which ruled for Nevada on Aug 28, 2026.Nevada's response is due Nov 16, 2026, extended at Nevada's request from Oct 15.Docket

Where an order or agreement has switched markets off

  • Sep 9, 2026 Robinhood in Michigan: Under a court-entered agreement, Robinhood stopped offering new sports-related contracts in Michigan on September 9, 2026, and agreed to close open ones by October 9. We have not found a filing confirming the close-out. Order
  • Sep 2, 2026 Kalshi in Washington: Seven of Kalshi's twelve categories are switched off, sports and elections among them. The order lets finance, economics, climate and commodities keep trading, and doesn't say whether crypto is covered. Order
  • Jun 29, 2026 Kalshi in Michigan: Sports contracts are switched off. The order names no other category. Order
  • Mar 20, 2026 Kalshi in Nevada: Sports, election and entertainment contracts are switched off. Order
  • Jan 29, 2026 Polymarket in Nevada: A preliminary injunction is in force against Polymarket US, which the Nevada attorney general says covers sports, election and entertainment contracts. Order
  • Dec 1, 2025 Robinhood in Nevada: Robinhood agreed in its federal case to stop offering new sports-related contracts in Nevada from December 1, 2025, while its appeal runs. Order

Dates ahead

  • Nov 9, 2026 Kalshi's response to New Jersey's petition is due. Docket
  • Nov 13, 2026 Nevada's response to Robinhood's petition is due. Docket
  • Nov 16, 2026 Nevada's response to Crypto.com's petition is due. After briefing, the justices decide whether to take any of the three. Docket

Court actions123 dated

Prediction market lawsuit tracker: court actions we have found, newest first.

Lawsuits, rulings, orders and regulators’ letters, one list per venue, because each venue is sued one company at a time. The latest 12 for each; the rest are on each venue’s legal page.

Kalshi

Latest 12 of 82 dated, checked Oct 23, 2026
  1. Oct 19, 2026 Minnesota · Order In an order filed as Doc. 93 in No. 26-cv-2661, Magistrate Judge David T. Schultz ordered Minnesota to file a discovery plan by October 29, naming the issues of fact it wants discovery on, and the plaintiffs to serve objections by November 12. The court will then issue a scheduling order on the scope and timing of discovery, if any. U.S. District Court, District of Minnesota Filing
  2. Sep 25, 2026 Ohio · Ruling The Sixth Circuit affirmed the denial of Kalshi's preliminary injunction against Ohio. It held Kalshi had not shown its sports contracts are swaps and, in the alternative, that federal commodities law doesn't preempt Ohio's gambling laws. It vacated Tennessee's injunction for Kalshi in the same opinion. U.S. Court of Appeals for the Sixth Circuit (Nos. 26-3196 and 26-5235) Filing
  3. Sep 25, 2026 Tennessee · Ruling The Sixth Circuit vacated the preliminary injunction Kalshi had won against Tennessee's officials and sent the case back. It held that Kalshi hadn't shown its sports-event contracts are swaps and, even if they were, that federal commodities law doesn't preempt Tennessee's gambling laws. U.S. Court of Appeals for the Sixth Circuit Filing
  4. Sep 22, 2026 New Jersey · Order The Supreme Court extended Kalshi's time to respond to November 9, 2026, on a motion filed September 18. U.S. Supreme Court Filing
  5. Sep 17, 2026 Massachusetts · Order The SJC entered an order waiving its usual 130-day deadline for deciding the case after argument. Supreme Judicial Court Filing
  6. Sep 17, 2026 Iowa · Order The Eighth Circuit docketed Kalshi's appeal (No. 26-2874) and set a briefing schedule: the transcript by October 27, Kalshi's appendix and opening brief by November 6, Iowa's brief 30 days from the notice of docket activity filing Kalshi's, and Kalshi's reply 21 days from the notice filing Iowa's. U.S. Court of Appeals for the Eighth Circuit Filing
  7. Sep 16, 2026 Missouri · Cease-and-desist Attorney General: Sent Kalshi a cease-and-desist letter, one of six sent to prediction markets. Filing
  8. Sep 16, 2026 Washington · Ruling The judge refused to reconsider, and the injunction stood. King County Superior Court Filing
  9. Sep 8, 2026 Iowa · Ruling Judge Stephen H. Locher denied Kalshi's motion for a preliminary injunction, finding at that preliminary stage that Kalshi was unlikely to show that the Commodity Exchange Act preempts Iowa's gambling laws. The order denies Kalshi's request and orders nothing against Kalshi. U.S. District Court, Southern District of Iowa Filing
  10. Sep 8, 2026 Wisconsin · Stay The Eastern District of Wisconsin stayed and administratively closed the CFTC's case pending the Seventh Circuit appeals. U.S. District Court, Eastern District of Wisconsin Filing
  11. Sep 4, 2026 Michigan · Agreement Judge Maloney entered a stipulated order in which Robinhood agreed to stop offering new sports-related event contracts in Michigan on any DCM, including KalshiEX's, by end of day September 9, 2026, and to close open ones by October 9, 2026. In exchange, Michigan will not bring enforcement actions against Robinhood while it complies. U.S. District Court, W.D. Mich. (Maloney, J.) Filing
  12. Sep 1, 2026 Michigan · Order Judge Aquilina signed a preliminary injunction, in effect until final order. It bars Kalshi from offering, taking deposits for, advertising, or allowing accounts for internet sports betting and similar products to anyone in Michigan, requires an MGCB-licensed geolocation provider meeting Technical Bulletin 2024-03, sets a $500,000 fine for each day of geolocation noncompliance, and requires Kalshi to send the order to every FCM that offers its sports contracts within three business days. Ingham County Circuit Court (Aquilina, J.) Filing

Every Kalshi action on the Kalshi legal page, including 12 listed without a filing date.

Polymarket

Latest 12 of 15 dated, checked Oct 21, 2026
  1. Oct 16, 2026 Ohio · Polymarket sued QCX LLC v. Wilson. U.S. District Court, S.D. Ohio, No. 2:26-cv-01502 Filing
  2. Sep 24, 2026 New York · Lawsuit New York Attorney General: Petition against QCX LLC (Polymarket US) under Executive Law § 63(12). New York County Supreme Court Filing
  3. Sep 16, 2026 Missouri · Cease-and-desist Attorney General: Sent Polymarket US a cease-and-desist letter, one of six sent to prediction markets. Filing
  4. Aug 13, 2026 Maryland · Lawsuit City of Baltimore: Consumer-protection suit against QCX LLC (Polymarket US), Blockratize and QC Tech. Circuit Court for Baltimore City, No. C-24-CV-26-005535 Filing
  5. Jul 14, 2026 Nevada · Order The Ninth Circuit put Polymarket's appeal on hold behind three other Nevada appeals, including Kalshi's. Polymarket asked it to reconsider on July 27. U.S. Court of Appeals, Ninth Circuit (No. 26-1343) Filing
  6. Jun 17, 2026 Kentucky · Lawsuit Kentucky Attorney General: Suit against QCX LLC (Polymarket US), Blockratize, QC Clearing and QC Tech. Franklin Circuit Court Filing
  7. May 29, 2026 Nevada · Order The state court granted the Board a preliminary injunction against QCX LLC (Polymarket US), which the Nevada attorney general says covers sports, election and entertainment contracts, while the case continues. First Judicial District Court, Carson City Filing
  8. May 21, 2026 Nevada · Ruling The Ninth Circuit denied Polymarket's request to pause the remand during its appeal. U.S. Court of Appeals, Ninth Circuit (No. 26-1343) Filing
  9. Apr 23, 2026 Wisconsin · Lawsuit Wisconsin Department of Justice: Public-nuisance suit against Blockratize, QCX LLC (Polymarket US) and QC Clearing. Dane County Circuit Court Filing
  10. Mar 12, 2026 Nevada · Ruling Judge Du denied Polymarket's request to pause the remand during its appeal. By the parties' agreement, the restraining order was extended to April 6 and the remand held until then. U.S. District Court, D. Nev. Filing
  11. Mar 4, 2026 Michigan · Polymarket sued QCX LLC v. Nessel. U.S. District Court, W.D. Mich., No. 1:26-cv-00710 Filing
  12. Mar 2, 2026 Nevada · Ruling Judge Miranda Du sent the case back to state court. U.S. District Court, D. Nev. Filing

Every Polymarket action on the Polymarket legal page, including 2 listed without a filing date.

Robinhood

Latest 12 of 26 dated, checked Oct 23, 2026
  1. Sep 16, 2026 Missouri · Cease-and-desist Attorney General: Sent Robinhood a cease-and-desist letter, one of six sent to prediction markets. Filing
  2. Sep 4, 2026 Michigan · Order Judge Maloney entered the parties' stipulation and order concerning enforcement. U.S. District Court, W.D. Mich. Filing
  3. Sep 4, 2026 Kentucky · Order A magistrate judge gave Robinhood until 30 days after the ruling on sending the case back to answer the complaint. We found no ruling on that motion through the docket entries of September 22. U.S. District Court, Eastern District of Kentucky Filing
  4. Sep 2026 Connecticut · Cease-and-desist Connecticut Department of Consumer Protection: One of nine cease-and-desist orders to prediction markets announced by the governor's office. Filing
  5. Aug 28, 2026 Nevada · Ruling The Ninth Circuit affirmed the denial of Robinhood's request, decided the same day as the Kalshi and Crypto.com appeals. U.S. Court of Appeals, Ninth Circuit (No. 25-7831) Filing
  6. Aug 13, 2026 Maryland · Lawsuit City of Baltimore: Consumer-protection suit against Kalshi, Robinhood Markets, Robinhood Derivatives, Webull and Coinbase. Circuit Court for Baltimore City, No. C-24-CV-26-005532 Filing
  7. Jun 17, 2026 Kentucky · Lawsuit Kentucky Attorney General: Suit against Kalshi, Robinhood Markets, Robinhood Derivatives, Webull and Coinbase. Franklin Circuit Court, No. 26-CI-00689 Filing
  8. Jun 17, 2026 Michigan · Ruling Judge Paul Maloney denied Robinhood's motion for a preliminary injunction. Robinhood appealed the next day. U.S. District Court, W.D. Mich. Filing
  9. Apr 23, 2026 Wisconsin · Lawsuit Wisconsin Department of Justice: Public-nuisance suit against Kalshi, Robinhood Markets, Robinhood Derivatives, Robinhood Securities and Coinbase. Dane County Circuit Court Filing
  10. Mar 30, 2026 Washington · Robinhood sued Robinhood Derivatives v. Griffin. U.S. District Court, W.D. Wash., No. 3:26-cv-05311 Filing
  11. Mar 13, 2026 Massachusetts · Ruling Judge Stearns denied Robinhood's renewed request for a preliminary injunction and dismissed the case again, after Robinhood said ForecastEx had stopped offering sports contracts. Robinhood appealed the same day. U.S. District Court, D. Mass. Filing
  12. Mar 4, 2026 Michigan · Robinhood sued Robinhood Derivatives v. Nessel. U.S. District Court, W.D. Mich., No. 1:26-cv-00730 Filing

Every Robinhood action on the Robinhood legal page.

Questions6 questions

Questions people ask.

Short answers, from the status files as of Oct 23, 2026 (Polymarket: Oct 21, 2026).

Where are prediction markets switched off?

As of Oct 23, 2026 (Polymarket: Oct 21, 2026): Robinhood in Michigan (sports stopped by agreement since Sep 9, 2026); Kalshi in Washington (switched off since Sep 2, 2026); Kalshi in Michigan (switched off since Jun 29, 2026); Kalshi in Nevada (switched off since Mar 20, 2026); Polymarket in Nevada (switched off since Jan 29, 2026); Robinhood in Nevada (sports stopped by agreement since Dec 1, 2025). In the other 19 states listed here, a case or letter is live and nothing is switched off.

Which states have sued prediction market companies?

As of Oct 23, 2026 (Polymarket: Oct 21, 2026), officials or a city in 11 states have sued at least one of Kalshi, Polymarket and Robinhood: Connecticut, Kentucky, Maryland, Massachusetts, Michigan, Nevada, New Mexico, New York, Rhode Island, Washington and Wisconsin.

What have the federal appeals courts decided?

The Third Circuit, in Kalshi’s case on Apr 6, 2026: Ruled for Kalshi: it is likely to succeed in showing that federal law preempts New Jersey's ban on its sports contracts. The Ninth Circuit, in Kalshi’s case on Aug 28, 2026: Ruled for Nevada: sports contracts likely aren't swaps, so states can enforce. Kalshi has asked the full court to rehear the case. The Ninth Circuit, in Robinhood’s case on Aug 28, 2026: In an unpublished memorandum (No. 25-7831), affirmed the denial of Robinhood's request for a temporary restraining order in Nevada, concluding that sports-related contracts are not swaps under the Commodity Exchange Act and following its published Kalshi opinion (No. 25-7516) filed the same day. Robinhood has petitioned the Supreme Court. The Sixth Circuit, in Kalshi’s case on Sep 25, 2026: Ruled for Ohio and Tennessee: Kalshi hasn't shown its sports contracts are swaps, and even if they were, federal commodities law doesn't preempt the states' gambling laws. Kalshi asked the full court to rehear on Oct 9, 2026.

Has the Supreme Court taken a prediction market case?

Not as of Oct 23, 2026 (Polymarket: Oct 21, 2026). Three petitions ask it to: No. 26-299, Flaherty v. KalshiEX; No. 26-338, Robinhood Derivatives v. Dreitzer; No. 26-344, North American Derivatives Exchange v. Nevada. The next date on the docket is Nov 9, 2026: Kalshi's response to New Jersey's petition is due.

Does a state ruling change how prediction market trades are taxed?

Courts are split on whether these contracts are state gambling or CFTC-regulated exchange products. A licensing ruling is not a tax ruling, and the IRS has issued no guidance on event contracts. That open question is why people file three common ways; Realize supports each.

How current is this page?

It is rebuilt from each venue’s status file, which is checked against court dockets and filings: Kalshi Oct 23, 2026, Polymarket Oct 21, 2026, Robinhood Oct 23, 2026. It is not updated in real time.

Sources65 documents

Where each status comes from.

The filings, orders and dockets behind every row, each with the date we last read it. Where we keep a copy of a filing, it is linked beside the original.

  1. State of Connecticut v. KalshiEX, docket U.S. District Court for the District of Connecticut · Checked October 8, 2026
  2. Commonwealth of Kentucky v. KalshiEX, docket U.S. District Court for the Eastern District of Kentucky · Checked October 8, 2026
  3. AG Campbell sues online prediction market for illegal and unsafe sports wagering operations Massachusetts Attorney General · Checked September 23, 2026
  4. Nessel ex rel. People of Michigan and MGCB v. KalshiEX, Ingham County Circuit Court: Complaint (dated 2026-03-03)Michigan Attorney General, for the People and the MGCB · Checked September 23, 2026Our copy
  5. NGCB release, 17 Feb 2026Checked September 23, 2026Our copy
  6. State of New Mexico ex rel. Torrez v. Kalshi, Inc., complaintNew Mexico Attorney General · Checked October 23, 2026Our copy
  7. People of the State of New York v. KalshiEX, docket U.S. District Court for the Southern District of New York · Checked October 8, 2026
  8. State of Rhode Island v. KalshiEX, docket U.S. District Court for the District of Rhode Island · Checked October 8, 2026
Show all 65 documents
  1. Washington sues online betting platform Kalshi for illegal gambling Washington Attorney General · Checked September 23, 2026
  2. State of Wisconsin v. KalshiEX, docket U.S. District Court for the Western District of Wisconsin · Checked October 22, 2026
  3. KalshiEX v. Flaherty, precedential opinionU.S. Court of Appeals for the Third Circuit · Checked October 8, 2026Our copy
  4. KalshiEX v. Assad, Ninth Circuit opinionU.S. Court of Appeals for the Ninth Circuit · Checked October 8, 2026Our copy
  5. KalshiEX v. Martin, docket U.S. Court of Appeals for the Fourth Circuit · Checked October 8, 2026
  6. KalshiEX v. Schuler, opinion (Ohio and Tennessee)U.S. Court of Appeals for the Sixth Circuit · Checked October 12, 2026Our copy
  7. KalshiEX v. Cox, docket U.S. Court of Appeals for the Tenth Circuit · Checked October 8, 2026
  8. KalshiEX v. Williams, docket U.S. Court of Appeals for the Second Circuit · Checked October 8, 2026
  9. United States v. State of Wisconsin, docket U.S. District Court for the Eastern District of Wisconsin · Checked October 22, 2026
  10. KalshiEX v. Bird, docket U.S. District Court for the Southern District of Iowa · Checked October 8, 2026
  11. Supreme Court docket, No. 26-299 Supreme Court of the United States · Checked October 12, 2026
  12. Flaherty v. KalshiEX, petition for a writ of certiorariNew Jersey Attorney General · Checked October 8, 2026Our copy
  13. Supreme Court docket, No. 26-338 Supreme Court of the United States · Checked October 12, 2026
  14. Robinhood Derivatives v. Dreitzer, petition for a writ of certiorariRobinhood Derivatives · Checked October 8, 2026Our copy
  15. Supreme Court docket, No. 26-344 Supreme Court of the United States · Checked October 12, 2026
  16. North American Derivatives Exchange (Crypto.com) v. Nevada, petition for a writ of certiorariCrypto.com (North American Derivatives Exchange) · Checked October 8, 2026Our copy
  17. Washington v. KalshiEX, King County Superior Court No. 26-2-10264-3 SEA: Amended and Updated Order Granting Preliminary Injunction (signed 2026-08-12)King County Superior Court (Judge John McHale) · Checked October 8, 2026Our copy
  18. TRO signed June 29, 2026Checked September 23, 2026Our copy
  19. TRO order, 26 OC 00050 1B (recites the Mar. 12 filing)Checked September 23, 2026Our copy
  20. KalshiEX LLC v. Ellison: discovery order, ECF 67 (also ECF 93 in United States v. Minnesota, 0:26-cv-02661)U.S. District Court, D. Minn. · Checked October 21, 2026Our copy
  21. KalshiEX v. Bird: Eighth Circuit briefing schedule orderU.S. Court of Appeals for the Eighth Circuit · Checked October 21, 2026Our copy
  22. Missouri Attorney General's cease-and-desist letter to KalshiMissouri Attorney General · Checked October 12, 2026Our copy
  23. KalshiEX v. Bird: order denying Kalshi's motion for a preliminary injunction, ECF 57U.S. District Court for the Southern District of Iowa (Judge Stephen H. Locher) · Checked October 21, 2026Our copy
  24. Minute entry staying the case pending appeal, ECF 72U.S. District Court for the Eastern District of Wisconsin · Checked October 22, 2026Our copy
  25. Robinhood stipulation and order, ECF No. 50Checked October 8, 2026Our copy
  26. Ingham County Circuit Court No. 26-1087-CZ: Preliminary Injunction Order (signed 2026-09-01)Ingham County Circuit Court (Judge Rosemarie Aquilina) · Checked October 8, 2026Our copy
  27. Gambling Insider: SJC waives its decision deadline Checked October 8, 2026
  28. PM Pulse 049 (secondary) Checked September 23, 2026
  29. Attorney General Coleman sues Kalshi, Polymarket and VGW Kentucky Attorney General · Checked October 16, 2026
  30. Complaint, City of Baltimore v. QCX LLC (Baltimore City Circuit Court)Circuit Court for Baltimore City · Checked October 16, 2026Our copy
  31. NGCB files civil enforcement action against PolymarketNevada Gaming Control Board · Checked October 16, 2026Our copy
  32. Attorney General James and Governor Hochul announce lawsuit against Polymarket New York Attorney General · Checked October 16, 2026
  33. Notice of removal, Rhode Island v. KalshiEX and QCX, ECF 1U.S. District Court, D.R.I. · Checked October 16, 2026Our copy
  34. Wisconsin DOJ files lawsuits against sports betting prediction markets Wisconsin Department of Justice · Checked October 16, 2026
  35. Order denying stay pending appeal, Nevada v. BlockratizeU.S. Court of Appeals, Ninth Circuit · Checked October 16, 2026Our copy
  36. QCX LLC v. Nessel, Sixth Circuit docket U.S. Court of Appeals, Sixth Circuit · Checked October 16, 2026
  37. Temporary Restraining Order, Nevada v. Blockratize (state-court orders as filed on removal, ECF 2-4)First Judicial District Court, Carson City · Checked October 16, 2026Our copy
  38. Complaint, QCX LLC v. Wilson, ECF 1U.S. District Court, S.D. Ohio · Checked October 20, 2026Our copy
  39. Missouri Attorney General's cease-and-desist letter to Polymarket US (QCX LLC)Missouri Attorney General · Checked October 17, 2026Our copy
  40. Polymarket's motion to reconsider abeyance order, Dkt. 27U.S. Court of Appeals, Ninth Circuit · Checked October 16, 2026Our copy
  41. NGCB provides enforcement litigation updateNevada Gaming Control Board · Checked October 16, 2026Our copy
  42. Order denying stay pending appeal, ECF 53U.S. District Court, D. Nev. · Checked October 16, 2026Our copy
  43. Complaint, QCX LLC v. Nessel, ECF 1U.S. District Court, W.D. Mich. · Checked October 16, 2026Our copy
  44. Order granting motion to remand, ECF 41U.S. District Court, D. Nev. · Checked October 16, 2026Our copy
  45. Complaint, Commonwealth of Kentucky v. KalshiEX et al. (Franklin Circuit Court)Kentucky Attorney General · Checked October 23, 2026Our copy
  46. Complaint, City of Baltimore v. KalshiEX et al. (Baltimore City Circuit Court)Circuit Court for Baltimore City · Checked October 23, 2026Our copy
  47. Complaint to abate public nuisance, Wisconsin v. Kalshi et al. (Dane County)Wisconsin Department of Justice · Checked October 23, 2026Our copy
  48. Robinhood Derivatives v. Dreitzer, memorandum dispositionU.S. Court of Appeals, Ninth Circuit · Checked October 23, 2026Our copy
  49. Robinhood Markets, Form 10-Q for the quarter ended June 30, 2026 Robinhood Markets, Inc. · Checked October 23, 2026
  50. Joint notice of agreement concerning enforcement pending appeal, ECF 91U.S. District Court, D. Nev. · Checked October 23, 2026Our copy
  51. Missouri Attorney General's cease-and-desist letter to Robinhood DerivativesMissouri Attorney General · Checked October 17, 2026Our copy
  52. Order extending Robinhood's time to answer, ECF 43 (docket text) U.S. District Court, E.D. Ky. · Checked October 21, 2026
  53. Connecticut governor's office release, “Governor Lamont announces new actions against illegal prediction markets offering sports wagers” Connecticut Governor · Checked October 23, 2026
  54. Opinion and order denying preliminary injunction, ECF 39U.S. District Court, W.D. Mich. · Checked October 23, 2026Our copy
  55. Robinhood Derivatives v. Griffin, stipulated motion and order concerning enforcement actions, Dkt. 17U.S. District Court, W.D. Wash. · Checked October 23, 2026Our copy
  56. Order of dismissal, ECF 109U.S. District Court, D. Mass. · Checked October 23, 2026Our copy
  57. Complaint, Robinhood Derivatives v. Nessel, ECF 1U.S. District Court, W.D. Mich. · Checked October 23, 2026Our copy

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Prediction market legal status for each venue, state by state.

Each venue’s legal guide: state by state, the orders we have found and what they mean for an account.

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