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Call It What It Is: Courts Are Catching Up to Kalshi If you've spent any time in the digital assets space, you're no stranger to platforms that dress up speculation in the language of finance. So when prediction market platform Kalshi started calling sports bets event contracts and pitching itself as a federally regulated investment tool, it probably didn't fool many of you. Now, it appears several judges are arriving at the same conclusion — though don't put your money on this one being over. A federal judge in Ohio ruled this week that Kalshi's prediction markets for sports amount to acts of gambling , and should come under state regulations rather than the federal commodities framework Kalshi has been hiding behind . U.S. District Judge Sarah Morrison was direct about it. She noted that currency exchange rates, weather, and energy costs affect commodity prices in a meaningful economic sense — the number of points scored in a college basketball game ...