Overview
- U.S. District Judge Jacqueline Scott Corley denied the preliminary injunction on Monday, allowing KalshiEX LLC to continue offering and advertising sports-event contracts for now.
- The Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians, and Picayune Rancheria of the Chukchansi Indians sued Kalshi and Robinhood in June alleging unlawful sports gambling under the Indian Gaming Regulatory Act.
- The court found the tribes had not shown a likelihood of success on the merits of their claims at this stage.
- Kalshi and Robinhood filed motions in early November to dismiss the lawsuit, arguing the exchange’s event contracts are not gaming under IGRA.
- Kalshi also faces a New York cease-and-desist that it is challenging in federal court, while investors have recently committed large funding with reported valuation estimates of $10–$12 billion.