U.S. appeals court rules against prediction markets, sets up likely fight at Supreme Court

The U.S. Court of Appeals for the Ninth Circuit ruled that sports-related event contracts do not qualify as swaps under federal law. This decision contradicts an April ruling from the U.S. Court of Appeals for the Third Circuit on the same legal question. The conflicting rulings between the two appellate courts create a split that could prompt the U.S. Supreme Court to take up the case.

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