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  • Hacker News
  • All good and cool when they do it and make money, like the lotteries, but when normal people do it nonono, can't happen.

    That said, I've never touched Kalshi or that other one or the lottery. It's all a scam anyway.

    by eahm
  • how does anyone regard these things as innovation
    by gregjw
  • I wonder what this means for cases under loss recovery acts in states that have them.
    by lokar
  • Rem when mafia bookies running sports betting was a subplot on The Soprano's? It wasn't that long ago.
    by morkalork
  • (Not American)

    What does 9th circuit or some circuit court mean?

    It some name of a specific court, just not the place name?

    Or is it special kind of court and “9” is some sort of level? Importance or hierarchy related? Escalation level? (Assuming your SC eventually is also at the top like in India)

    by crossroadsguy
  • The appeals court found sports betting isn’t shielded by the federal law used to block Kris Mayes’ prosecution.
    by hungryhobbit
  • > “Congress did not take a wrecking ball to all sports gambling regulations built up over decades by federal, state, and tribal governments when it amended the (Commodity Exchange Act),” Judge Ryan Nelson wrote in the unanimous decision.

    Incredible that it's taken this long to arrive at the obvious.

    by mullingitover
  • Lawyer here - As i explained last time we had a variant of this thread (see comment history if you are interested), this is a very complicated area that people try to make very simple.

    It doesn't have to be complicated, mind you, but right now the way the law is written is basically:

    1. Transmitting sports betting info between states is a federal crime unless it's legal in both states (18 U.S.C. § 1084(a))

    2. The CEA regulations ban contracts that are illegal under state law (17 CFR 40.11)

    3. Other forms of gambling/betting/contracts that are not sports are generally a-ok.

    4. This is not a case of first impression, it's just getting relitigated because Kalshi doesn't want to follow the actual law. This has actually been pretty settled law for a long time, with new flareups maybe once a decade. Kalshi is just hoping to be treated like Uber was.

    The third circuit's decision is pretty clearly "out there" in terms of existing caselaw.

    However, this will end up at SCOTUS, and everything until then just doesn't matter. That will be a coin flip even though it shouldn't be

    by DannyBee

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