Abstract
Prediction markets have quickly become the biggest legal issue in the gambling world since Murphy versus NCAA, the multi-year case that eventually resulted in the repeal of the Professional and Amateur Sports Protection Act (PASPA), paving the way for legalized sports betting and unbeknownst at the time, the rise of sports contracts on prediction markets. As of April 4, 2026, there are 10 active prediction market bills, and Kalshi alone is involved in 13 legal battles with various states.
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