The NFL has urged the Supreme Court to decide who regulates sports prediction markets.

In an October 8 brief, the league said states are better placed to oversee sports-event contracts.

It backs New Jersey’s challenge to a Third Circuit ruling that favoured prediction market firm Kalshi.

That ruling called Kalshi’s sports contracts swaps, giving the CFTC sole jurisdiction over them.

The NFL argues the contracts are essentially sports betting, whatever they are called.

On this season’s first Sunday, $1.8 billion of $3.3 billion in prediction market volume was tied to the NFL.

Appeals courts are split, with the Sixth and Ninth Circuits ruling against the swaps view.

Read the full article for more details on the prediction markets case.