Supreme Court gives Kalshi until November to answer New Jersey

The U.S. Supreme Court granted Kalshi a 30-day extension on its deadline to respond to New Jersey's petition, pushing the filing from October 8 to November 9. Neal Kumar Katyal, arguing for Kalshi at Milbank, noted to the court that New Jersey itself received two 30-day extensions before filing its September 2 petition.

New Jersey Attorney General Jennifer Davenport is asking the Supreme Court to reverse the Third Circuit's 2-1 ruling, which held that the CFTC has exclusive authority over event contracts, preempting state gaming law. Davenport's petition rests on the Ninth Circuit's August ruling in the Nevada case, where the court reached the opposite conclusion — that Nevada retains regulatory authority and that Kalshi's sports-event contracts function as sports betting rather than federally regulated swaps.

The extension keeps the circuit split unresolved through the NFL season. DraftKings CEO Jason Robins, speaking at the Wells Fargo Consumer Conference, said prediction market volume at DraftKings rose nearly 2.5 times from July to September, with more than one million customers on the platform and nearly double-digit market share in sports prediction markets.