TD Cowen expects Supreme Court to take up sports event contracts in upcoming term
TD Cowen expects the Supreme Court to take up the issue of sports event contracts in the upcoming term, which could bring legal clarity by late 2026. The prediction market topic has been working its way through lower courts amid disputes between regulators and event-contract platforms.
A Supreme Court ruling would settle the fundamental legal status of sports event contracts under federal law, ending the current patchwork of district and circuit court decisions that has left platforms uncertain about which products they can legally offer.
Joins petitions from Crypto.com, Robinhood, and New Jersey pressing the same preemption question as Kalshi's circuit losses in the Sixth and Ninth pile up, with state suits now active in Ohio, Tennessee, Nevada, Connecticut, Baltimore, Missouri, and New York.