About this app
What is Knights Heart?
There are no SCOTUS-prediction market contracts currently on Kalshi but Polymarket lists a 41% probability that the court will accept an event contract case by 31 December.
A hearing before the Supreme Court would be the culmination of what has been the biggest sports betting-related development since PASPA. Perhaps no other issue has united gaming stakeholders from various companies, tribes, states and regulators.
Beginning with the US presidential elections in November 2024, when prediction markets catapulted into mainstream culture, their rise has been undeniable. Kalshi and Polymarket have seen their valuations balloon to $40 billion and $21 billion, respectively, and the majority of the top US bookmakers have scrambled to expand into the prediction space in various forms, either by building their own exchanges, acquiring existing ones or engaging in market-making.
About Knights Heart
“Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards,” Lamont wrote in a statement.
While such orders have become customary around the nation this year, Connecticut’s missive took it one step further. The department also issued nearly 30 subpoenas to licensed gaming service providers and a bevy of media outlets. Those issued subpoenas include ones served to PayPal, Sportradar Solutions and Plaid, a payment processing app that holds a gaming licence. Although those companies are not under investigation, the subpoenas appear to be the first against service providers that conduct business with prediction markets in some form.
– In the wake of a consequential ruling by the US Court of Appeals for the Ninth Circuit against Kalshi, two operators are taking separate paths in an effort to overturn the decision. On 28 August, the Ninth Circuit ruled in a 3-0 decision that sports event contracts do not qualify as federally regulated swaps under the Commodity Exchange Act. Earlier this week, Kalshi filed for an en banc re-hearing with the Ninth Circuit, this time before an 11-judge review. Robinhood, meanwhile, filed a petition of certiorari with the Supreme Court in a move to effectively bypass the Ninth Circuit. It is widely believed that a circuit split between the Ninth Circuit and a separate decision by the Third Circuit will prompt the Supreme Court to take up the case.
About Knights Heart
Additionally, the Africa Safer Gambling Week will emphasise the importance of channelisation into legal offerings, with the AiA warning the black market often neglects player protection.
Olabimpe Akingba, head of responsible gaming at pawaTech and AiA board member, said the initiative reflects the association’s push to turn cross-border collaboration within Africa’s iGaming sector into tangible action on player protection.
“At the African iGaming Alliance, we have been committed to moving beyond conversations about collaboration across African jurisdictions towards meaningful action,” she explained.
