Kalshi Seeks Approval for New Football Betting Markets
Kalshi is seeking to expand its sports betting offerings with three new categories of football contracts, according to filings submitted to the Commodity Futures Trading Commission (CFTC) on Aug. 18. The exchange is pursuing approval to list point spread, Over/Under, and touchdown scorer markets under its federally regulated framework.
The documents show Kalshi has self-certified the templates for each market. The point spread version is framed as whether a team will win a game by a specific number of points or a range.
The Over/Under market is structured around whether the total points scored in a game or segment, such as a quarter, will be above or below a set number. The touchdown scorer market template covers whether a player or team will score a touchdown at specific points during a game.
However, the new markets could present issues and damage Kalshi's attempts to legitimize its platform. States like Ohio have banned player prop bets on college sports, and the latest offerings may cause friction in these states.
Kalshi noted the new contracts would be available after business hours on Aug. 18. These contracts would be offered unless the CFTC intervenes to block them. The CFTC has three options: reject them, allow them without objection, or initiate a 90-day public interest review. Historically, the agency has not denied a self-certification.
Court proceedings in Maryland and Nevada shape Kalshi's path
The developments with the CFTC come as Kalshi continues to face legal challenges in multiple states. This week, cases in Maryland and Nevada saw new filings that could influence the company's ability to operate locally.
In Maryland, Kalshi withdrew its motion for a fresh injunction after reaching an agreement with the state's lottery regulator. A filing dated Aug. 13 confirmed that the Maryland Lottery and Gaming agency assured Kalshi it would not enforce gambling laws against the company while its appeal progresses.
The Fourth Circuit Court of Appeals will now review Kalshi's case, with briefs scheduled between September and October. Until then, Kalshi appears free to continue offering sports contracts in the state as one of the best prediction markets.
The Maryland pause follows Judge Adam B Abelson's Aug. 1 ruling denying Kalshi a temporary injunction, a decision that contrasted with favorable rulings in Nevada and New Jersey. Abelson suggested Kalshi could simply apply for a state sports betting license rather than seek federal preemption.
In Nevada, the state's Attorney General opposed Kalshi's request to avoid discovery in its ongoing case.
An Aug. 12 filing argued that full disclosure of Kalshi's communications and operations is necessary to determine whether state gaming laws apply. Nevada authorities denied Kalshi's argument that discovery would inflict extreme damage, and instead maintained that public disclosure is needed before a ruling.
These intra-state disagreements reflect the larger ambiguity of Kalshi's initiatives to develop federally regulated sports markets amidst various state regulatory schemes.
