On prediction markets, let’s take it to court

The NFL told the Supreme Court last Thursday that it’s “well established — that regulating gambling is among states’ sovereign police powers — What constitutional power allows Congress to override states’ traditional police powers to regulate intrastate gambling?”

The league’s brief landed a day after 39 states and the District of Columbia urged the Supreme Court to take up New Jersey’s fight with Kalshi and let state gambling regulators police sports event contracts. As it stands, the Commodity Futures Trading Commission has staked out this authority for itself under the Commodity Exchange Act.