{
  "schemaVersion": "vultax-public-research-data-v1",
  "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026",
  "datasets": [
    {
      "title": "Polymarket US and polymarket.com are different venues",
      "columns": [
        {
          "name": "",
          "unit": null
        },
        {
          "name": "Polymarket US",
          "unit": null
        },
        {
          "name": "polymarket.com (international)",
          "unit": null
        }
      ],
      "rows": [
        [
          "Legal footing",
          "QCX LLC, a CFTC-designated contract market, acquired in July 2025; the CFTC approved intermediated U.S. access on 25 November 2025",
          "Operated by Blockratize, Inc.; the CFTC's January 2022 order found its contracts were swaps offered without a registered exchange and required non-compliant markets to be wound down"
        ],
        [
          "Open to U.S. residents",
          "Yes; the app rolled out to its waitlist from 3 December 2025",
          "No; in April 2026 the company was reported to be seeking CFTC approval to reopen it to U.S. traders"
        ],
        [
          "What it lists",
          "Sports at launch; by April 2026 a few politics and weather markets, per CoinDesk",
          "Elections, economics, geopolitics, crypto, sports, culture and more"
        ],
        [
          "Taker fee",
          "0.06 × contracts × p × (1 − p), with a maker rebate, since 1 July 2026",
          "0 to 0.07 × contracts × p × (1 − p) depending on category; geopolitics is fee-free and makers pay nothing"
        ]
      ],
      "measurementContext": "Read 12 September 2026 from the CFTC's 2022 order, Polymarket's announcements and fee documentation, PYMNTS and CoinDesk. The rows describe the venues, not what any individual may lawfully do in their state.",
      "sources": [
        {
          "label": "CFTC — Order against Blockratize, Inc. d/b/a Polymarket (3 Jan 2022)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/8478-22",
          "note": "$1.4 million civil penalty; contracts found to be swaps offered without a registered exchange; wind-down of non-compliant markets"
        },
        {
          "label": "Polymarket — acquisition of CFTC-licensed exchange and clearinghouse QCEX (21 Jul 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-acquires-cftc-licensed-exchange-and-clearinghouse-qcex-for-112-million-302509626.html",
          "note": "$112 million; QCX LLC and QC Clearing LLC"
        },
        {
          "label": "Polymarket — CFTC approval of amended order of designation (25 Nov 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-receives-cftc-approval-of-amended-order-of-designation-enabling-intermediated-us-market-access-302625833.html",
          "note": "Intermediated U.S. market access"
        },
        {
          "label": "PYMNTS — Polymarket begins rolling out U.S. app (4 Dec 2025)",
          "url": "https://www.pymnts.com/cryptocurrency/2025/prediction-market-polymarket-begins-rolling-out-us-app/",
          "note": "Waitlist rollout from 3 December, launching with sports"
        },
        {
          "label": "CoinDesk — Polymarket seeks CFTC approval to reopen main exchange to U.S. traders (28 Apr 2026)",
          "url": "https://www.coindesk.com/policy/2026/04/28/polymarket-seeks-cftc-approval-to-reopen-main-exchange-to-u-s-traders",
          "note": "Main exchange still off-limits to U.S. traders; U.S. app sports-first"
        },
        {
          "label": "Polymarket US — fees",
          "url": "https://docs.polymarket.us/fees",
          "note": "Taker theta 0.06, maker rebate theta −0.0125, effective 1 July 2026; read 2026-09-12"
        },
        {
          "label": "Polymarket — trading fees",
          "url": "https://docs.polymarket.com/trading/fees",
          "note": "Category rates 0 to 0.07; makers pay nothing; read 2026-09-12"
        },
        {
          "label": "Holland & Knight — Federal appeals court on CFTC jurisdiction over sports event contracts (Apr 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/04/federal-appeals-court-cftc-jurisdiction-over-sports-event-contracts",
          "note": "KalshiEX LLC v. Flaherty, Third Circuit, 6 April 2026"
        },
        {
          "label": "American Banker — Kalshi ruling favoring states tees up Supreme Court fight (Aug 2026)",
          "url": "https://www.americanbanker.com/news/kalshi-ruling-favoring-states-tees-up-supreme-court-fight",
          "note": "Ninth Circuit, 28 August 2026, for Nevada"
        },
        {
          "label": "AP via Hawaii Tribune-Herald — New Jersey takes fight over Kalshi's prediction market to U.S. Supreme Court (3 Sep 2026)",
          "url": "https://www.hawaiitribune-herald.com/2026/09/03/nation-world-news/new-jersey-takes-fight-over-kalshis-prediction-market-to-us-supreme-court/",
          "note": "Petition filed 2 September 2026"
        },
        {
          "label": "Boston Globe — Kalshi sports betting injunction in Massachusetts (21 Jan 2026)",
          "url": "https://www.bostonglobe.com/2026/01/21/business/kalshi-sports-betting-injunction-massachusetts/",
          "note": "Suffolk Superior Court preliminary injunction; reported"
        },
        {
          "label": "Justia — KalshiEX LLC v. Schuler, S.D. Ohio, No. 2:25-cv-01165",
          "url": "https://law.justia.com/cases/federal/district-courts/ohio/ohsdce/2:2025cv01165/306374/69/",
          "note": "Preliminary injunction denied, 9 March 2026; reported"
        },
        {
          "label": "National Law Review — Kalshi's Sixth Circuit battle (Aug 2026)",
          "url": "https://natlawreview.com/article/eventful-proceedings-kalshis-6th-circuit-battle-latest-chapter-regulatory-war",
          "note": "Tennessee and Ohio rulings consolidated; argued 30 July 2026"
        },
        {
          "label": "Covers — Maryland appeals court hearing on Kalshi (May 2026)",
          "url": "https://www.covers.com/industry/maryland-appeals-court-hearing-kalshi-duck-quack-sports-betting-argue-may-2026",
          "note": "Fourth Circuit argument; no decision found by 12 September"
        },
        {
          "label": "CFTC — Withdrawal of proposed event-contract rules (6 Feb 2026)",
          "url": "https://www.cftc.gov/LawRegulation/FederalRegister/final-rules/2026-02454.html",
          "note": "Withdrawn to reconsider in light of state actions and litigation"
        },
        {
          "label": "CFTC — Proposed public-interest framework for event contracts (10 Jun 2026)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/9249-26",
          "note": "Three-step test; terrorism, assassination, war, gaming, unlawful activity"
        },
        {
          "label": "Holland & Knight — CFTC proposes comprehensive framework for public interest review (Jun 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/06/cftc-proposes-comprehensive-framework-for-public-interest-review",
          "note": "Comment deadline 27 July 2026"
        },
        {
          "label": "CFTC — Chairman Michael S. Selig",
          "url": "https://www.cftc.gov/About/Commissioners/MichaelSelig/index.htm",
          "note": "Sworn in 22 December 2025"
        },
        {
          "label": "Illinois Gaming Board — cease-and-desist letter to Polymarket (27 Jan 2026)",
          "url": "https://igb.illinois.gov/content/dam/soi/en/web/igb/documents/sports/cease-and-desist-letters/20260127-cease-desist-letter-polymarket.pdf",
          "note": "Alleged unlicensed sports wagering"
        },
        {
          "label": "The Block — Polymarket faces first state-level cease-and-desist from Tennessee",
          "url": "https://www.theblock.co/post/385002/polymarket-faces-first-state-level-cease-and-desist-from-tennessee-weeks-after-us-relaunch-report",
          "note": "Kalshi, Polymarket and Crypto.com; reported"
        },
        {
          "label": "SBC Americas — Nevada judge initial ban on Polymarket (2 Feb 2026)",
          "url": "https://sbcamericas.com/2026/02/02/nevada-judge-initial-ban-polymarket/",
          "note": "Temporary ban; reported"
        },
        {
          "label": "SBC Americas — Polymarket sues New Mexico (2 Jul 2026)",
          "url": "https://sbcamericas.com/2026/07/02/polymarket-sues-new-mexico/",
          "note": "Federal lawsuit; reported"
        },
        {
          "label": "Kalshi public trade API — open events",
          "url": "https://api.elections.kalshi.com/trade-api/v2/events?status=open&with_nested_markets=true",
          "note": "Read by Vultax 18:30–18:32 UTC, 12 September 2026; 14,968 events"
        },
        {
          "label": "Vultax: Kalshi vs Polymarket, the odds gap measured",
          "url": "https://vultax.com/research/kalshi-polymarket-open-interest-by-category",
          "note": "Matched Fed contracts across the two venues"
        }
      ],
      "measurement": {
        "kind": "reference",
        "temporalCoverage": "2022-01/2026-09",
        "population": null,
        "methodology": "Venue facts compiled from regulator orders, company releases and documentation, and press reports, read 12 September 2026."
      },
      "id": "two-venues-table",
      "kind": "published-table",
      "description": "Polymarket US runs on a CFTC-registered exchange; polymarket.com is still closed to Americans. The sports contracts behind 86% of Kalshi's volume have split two federal appeals courts. Court by court, as of 12 September 2026.",
      "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026",
      "sectionUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026#two-venues",
      "publishedAt": "2026-09-14",
      "modifiedAt": "2026-09-14",
      "version": "518106c83e3fd6ab898ec1222e7b06bb314c010a6614b888a4a2a96149680a39",
      "isLive": false,
      "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Describes court decisions, regulatory actions and venue documents as reported up to 12 September 2026; positions change and some items rest on press reports. The Kalshi figures are Vultax's reading of a public API at one moment and count contracts, not dollars. Nothing here is legal or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.json?dataset=two-venues-table",
        "csv": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.csv?dataset=two-venues-table"
      }
    },
    {
      "title": "What Kalshi traded in 24 hours, by category",
      "columns": [
        {
          "name": "Category",
          "unit": null
        },
        {
          "name": "Share of contracts traded",
          "unit": "%"
        }
      ],
      "rows": [
        [
          "Sports",
          86.4
        ],
        [
          "Economics",
          5.4
        ],
        [
          "Elections",
          2.6
        ],
        [
          "Crypto",
          2
        ],
        [
          "Mentions",
          0.8
        ],
        [
          "Climate and weather",
          0.8
        ],
        [
          "Entertainment",
          0.7
        ],
        [
          "Politics",
          0.6
        ],
        [
          "Everything else",
          0.8
        ]
      ],
      "measurementContext": "Share of 129.5 million contracts traded in the 24 hours to 18:32 UTC, 12 September 2026. Open events only. Kalshi public API.",
      "sources": [
        {
          "label": "CFTC — Order against Blockratize, Inc. d/b/a Polymarket (3 Jan 2022)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/8478-22",
          "note": "$1.4 million civil penalty; contracts found to be swaps offered without a registered exchange; wind-down of non-compliant markets"
        },
        {
          "label": "Polymarket — acquisition of CFTC-licensed exchange and clearinghouse QCEX (21 Jul 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-acquires-cftc-licensed-exchange-and-clearinghouse-qcex-for-112-million-302509626.html",
          "note": "$112 million; QCX LLC and QC Clearing LLC"
        },
        {
          "label": "Polymarket — CFTC approval of amended order of designation (25 Nov 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-receives-cftc-approval-of-amended-order-of-designation-enabling-intermediated-us-market-access-302625833.html",
          "note": "Intermediated U.S. market access"
        },
        {
          "label": "PYMNTS — Polymarket begins rolling out U.S. app (4 Dec 2025)",
          "url": "https://www.pymnts.com/cryptocurrency/2025/prediction-market-polymarket-begins-rolling-out-us-app/",
          "note": "Waitlist rollout from 3 December, launching with sports"
        },
        {
          "label": "CoinDesk — Polymarket seeks CFTC approval to reopen main exchange to U.S. traders (28 Apr 2026)",
          "url": "https://www.coindesk.com/policy/2026/04/28/polymarket-seeks-cftc-approval-to-reopen-main-exchange-to-u-s-traders",
          "note": "Main exchange still off-limits to U.S. traders; U.S. app sports-first"
        },
        {
          "label": "Polymarket US — fees",
          "url": "https://docs.polymarket.us/fees",
          "note": "Taker theta 0.06, maker rebate theta −0.0125, effective 1 July 2026; read 2026-09-12"
        },
        {
          "label": "Polymarket — trading fees",
          "url": "https://docs.polymarket.com/trading/fees",
          "note": "Category rates 0 to 0.07; makers pay nothing; read 2026-09-12"
        },
        {
          "label": "Holland & Knight — Federal appeals court on CFTC jurisdiction over sports event contracts (Apr 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/04/federal-appeals-court-cftc-jurisdiction-over-sports-event-contracts",
          "note": "KalshiEX LLC v. Flaherty, Third Circuit, 6 April 2026"
        },
        {
          "label": "American Banker — Kalshi ruling favoring states tees up Supreme Court fight (Aug 2026)",
          "url": "https://www.americanbanker.com/news/kalshi-ruling-favoring-states-tees-up-supreme-court-fight",
          "note": "Ninth Circuit, 28 August 2026, for Nevada"
        },
        {
          "label": "AP via Hawaii Tribune-Herald — New Jersey takes fight over Kalshi's prediction market to U.S. Supreme Court (3 Sep 2026)",
          "url": "https://www.hawaiitribune-herald.com/2026/09/03/nation-world-news/new-jersey-takes-fight-over-kalshis-prediction-market-to-us-supreme-court/",
          "note": "Petition filed 2 September 2026"
        },
        {
          "label": "Boston Globe — Kalshi sports betting injunction in Massachusetts (21 Jan 2026)",
          "url": "https://www.bostonglobe.com/2026/01/21/business/kalshi-sports-betting-injunction-massachusetts/",
          "note": "Suffolk Superior Court preliminary injunction; reported"
        },
        {
          "label": "Justia — KalshiEX LLC v. Schuler, S.D. Ohio, No. 2:25-cv-01165",
          "url": "https://law.justia.com/cases/federal/district-courts/ohio/ohsdce/2:2025cv01165/306374/69/",
          "note": "Preliminary injunction denied, 9 March 2026; reported"
        },
        {
          "label": "National Law Review — Kalshi's Sixth Circuit battle (Aug 2026)",
          "url": "https://natlawreview.com/article/eventful-proceedings-kalshis-6th-circuit-battle-latest-chapter-regulatory-war",
          "note": "Tennessee and Ohio rulings consolidated; argued 30 July 2026"
        },
        {
          "label": "Covers — Maryland appeals court hearing on Kalshi (May 2026)",
          "url": "https://www.covers.com/industry/maryland-appeals-court-hearing-kalshi-duck-quack-sports-betting-argue-may-2026",
          "note": "Fourth Circuit argument; no decision found by 12 September"
        },
        {
          "label": "CFTC — Withdrawal of proposed event-contract rules (6 Feb 2026)",
          "url": "https://www.cftc.gov/LawRegulation/FederalRegister/final-rules/2026-02454.html",
          "note": "Withdrawn to reconsider in light of state actions and litigation"
        },
        {
          "label": "CFTC — Proposed public-interest framework for event contracts (10 Jun 2026)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/9249-26",
          "note": "Three-step test; terrorism, assassination, war, gaming, unlawful activity"
        },
        {
          "label": "Holland & Knight — CFTC proposes comprehensive framework for public interest review (Jun 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/06/cftc-proposes-comprehensive-framework-for-public-interest-review",
          "note": "Comment deadline 27 July 2026"
        },
        {
          "label": "CFTC — Chairman Michael S. Selig",
          "url": "https://www.cftc.gov/About/Commissioners/MichaelSelig/index.htm",
          "note": "Sworn in 22 December 2025"
        },
        {
          "label": "Illinois Gaming Board — cease-and-desist letter to Polymarket (27 Jan 2026)",
          "url": "https://igb.illinois.gov/content/dam/soi/en/web/igb/documents/sports/cease-and-desist-letters/20260127-cease-desist-letter-polymarket.pdf",
          "note": "Alleged unlicensed sports wagering"
        },
        {
          "label": "The Block — Polymarket faces first state-level cease-and-desist from Tennessee",
          "url": "https://www.theblock.co/post/385002/polymarket-faces-first-state-level-cease-and-desist-from-tennessee-weeks-after-us-relaunch-report",
          "note": "Kalshi, Polymarket and Crypto.com; reported"
        },
        {
          "label": "SBC Americas — Nevada judge initial ban on Polymarket (2 Feb 2026)",
          "url": "https://sbcamericas.com/2026/02/02/nevada-judge-initial-ban-polymarket/",
          "note": "Temporary ban; reported"
        },
        {
          "label": "SBC Americas — Polymarket sues New Mexico (2 Jul 2026)",
          "url": "https://sbcamericas.com/2026/07/02/polymarket-sues-new-mexico/",
          "note": "Federal lawsuit; reported"
        },
        {
          "label": "Kalshi public trade API — open events",
          "url": "https://api.elections.kalshi.com/trade-api/v2/events?status=open&with_nested_markets=true",
          "note": "Read by Vultax 18:30–18:32 UTC, 12 September 2026; 14,968 events"
        },
        {
          "label": "Vultax: Kalshi vs Polymarket, the odds gap measured",
          "url": "https://vultax.com/research/kalshi-polymarket-open-interest-by-category",
          "note": "Matched Fed contracts across the two venues"
        }
      ],
      "measurement": {
        "kind": "observed",
        "temporalCoverage": "2026-09-11T18:31Z/2026-09-12T18:32Z",
        "population": "14,968 open Kalshi events",
        "methodology": "Sum of each market's 24-hour volume (volume_24h_fp) across the markets of every open event returned by Kalshi's public events endpoint, grouped by the event's category. Shares are rounded and may not add to 100."
      },
      "id": "why-sports-chart",
      "kind": "published-chart",
      "description": "Polymarket US runs on a CFTC-registered exchange; polymarket.com is still closed to Americans. The sports contracts behind 86% of Kalshi's volume have split two federal appeals courts. Court by court, as of 12 September 2026.",
      "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026",
      "sectionUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026#why-sports",
      "publishedAt": "2026-09-14",
      "modifiedAt": "2026-09-14",
      "version": "2c0f0a918d5d2e1f17d6d709348965890f043140059bdcef5156e3f8ba678503",
      "isLive": false,
      "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Describes court decisions, regulatory actions and venue documents as reported up to 12 September 2026; positions change and some items rest on press reports. The Kalshi figures are Vultax's reading of a public API at one moment and count contracts, not dollars. Nothing here is legal or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.json?dataset=why-sports-chart",
        "csv": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.csv?dataset=why-sports-chart"
      }
    },
    {
      "title": "The court map, as of 12 September 2026",
      "columns": [
        {
          "name": "Court",
          "unit": null
        },
        {
          "name": "Date",
          "unit": null
        },
        {
          "name": "State",
          "unit": null
        },
        {
          "name": "What it held or asks",
          "unit": null
        },
        {
          "name": "Outcome",
          "unit": null
        }
      ],
      "rows": [
        [
          "U.S. Court of Appeals, Third Circuit",
          "6 Apr 2026",
          "New Jersey",
          "Kalshi's sports event contracts are swaps under the Commodity Exchange Act; the injunction barring New Jersey from enforcing its gambling laws against Kalshi stands",
          "For Kalshi"
        ],
        [
          "U.S. Court of Appeals, Ninth Circuit",
          "28 Aug 2026",
          "Nevada",
          "Nevada can block event contracts on sporting events",
          "For the state"
        ],
        [
          "Suffolk County Superior Court",
          "20 Jan 2026",
          "Massachusetts",
          "Preliminary injunction against sports contracts offered to residents without a licence (reported)",
          "For the state"
        ],
        [
          "U.S. District Court, Southern District of Ohio",
          "9 Mar 2026",
          "Ohio",
          "Kalshi's motion for a preliminary injunction against the Ohio Casino Control Commission denied (reported)",
          "For the state"
        ],
        [
          "U.S. District Court, Middle District of Tennessee",
          "Feb 2026",
          "Tennessee",
          "Ruled for Kalshi on pre-emption (reported)",
          "For Kalshi"
        ],
        [
          "U.S. Court of Appeals, Sixth Circuit",
          "Argued 30 Jul 2026",
          "Ohio and Tennessee",
          "The two district rulings, consolidated on appeal; no decision found",
          "Pending"
        ],
        [
          "U.S. Court of Appeals, Fourth Circuit",
          "Argued May 2026",
          "Maryland",
          "No decision found",
          "Pending"
        ],
        [
          "Supreme Court of the United States",
          "Petition filed 2 Sep 2026",
          "New Jersey",
          "Asks whether states have the power to police sports betting on prediction markets",
          "Not yet decided whether to hear it"
        ]
      ],
      "measurementContext": "Appeals-court holdings from Holland & Knight's client alert and American Banker; the petition from AP's report. Rows marked reported rest on press coverage Vultax could not check against the court record.",
      "sources": [
        {
          "label": "CFTC — Order against Blockratize, Inc. d/b/a Polymarket (3 Jan 2022)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/8478-22",
          "note": "$1.4 million civil penalty; contracts found to be swaps offered without a registered exchange; wind-down of non-compliant markets"
        },
        {
          "label": "Polymarket — acquisition of CFTC-licensed exchange and clearinghouse QCEX (21 Jul 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-acquires-cftc-licensed-exchange-and-clearinghouse-qcex-for-112-million-302509626.html",
          "note": "$112 million; QCX LLC and QC Clearing LLC"
        },
        {
          "label": "Polymarket — CFTC approval of amended order of designation (25 Nov 2025)",
          "url": "https://www.prnewswire.com/news-releases/polymarket-receives-cftc-approval-of-amended-order-of-designation-enabling-intermediated-us-market-access-302625833.html",
          "note": "Intermediated U.S. market access"
        },
        {
          "label": "PYMNTS — Polymarket begins rolling out U.S. app (4 Dec 2025)",
          "url": "https://www.pymnts.com/cryptocurrency/2025/prediction-market-polymarket-begins-rolling-out-us-app/",
          "note": "Waitlist rollout from 3 December, launching with sports"
        },
        {
          "label": "CoinDesk — Polymarket seeks CFTC approval to reopen main exchange to U.S. traders (28 Apr 2026)",
          "url": "https://www.coindesk.com/policy/2026/04/28/polymarket-seeks-cftc-approval-to-reopen-main-exchange-to-u-s-traders",
          "note": "Main exchange still off-limits to U.S. traders; U.S. app sports-first"
        },
        {
          "label": "Polymarket US — fees",
          "url": "https://docs.polymarket.us/fees",
          "note": "Taker theta 0.06, maker rebate theta −0.0125, effective 1 July 2026; read 2026-09-12"
        },
        {
          "label": "Polymarket — trading fees",
          "url": "https://docs.polymarket.com/trading/fees",
          "note": "Category rates 0 to 0.07; makers pay nothing; read 2026-09-12"
        },
        {
          "label": "Holland & Knight — Federal appeals court on CFTC jurisdiction over sports event contracts (Apr 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/04/federal-appeals-court-cftc-jurisdiction-over-sports-event-contracts",
          "note": "KalshiEX LLC v. Flaherty, Third Circuit, 6 April 2026"
        },
        {
          "label": "American Banker — Kalshi ruling favoring states tees up Supreme Court fight (Aug 2026)",
          "url": "https://www.americanbanker.com/news/kalshi-ruling-favoring-states-tees-up-supreme-court-fight",
          "note": "Ninth Circuit, 28 August 2026, for Nevada"
        },
        {
          "label": "AP via Hawaii Tribune-Herald — New Jersey takes fight over Kalshi's prediction market to U.S. Supreme Court (3 Sep 2026)",
          "url": "https://www.hawaiitribune-herald.com/2026/09/03/nation-world-news/new-jersey-takes-fight-over-kalshis-prediction-market-to-us-supreme-court/",
          "note": "Petition filed 2 September 2026"
        },
        {
          "label": "Boston Globe — Kalshi sports betting injunction in Massachusetts (21 Jan 2026)",
          "url": "https://www.bostonglobe.com/2026/01/21/business/kalshi-sports-betting-injunction-massachusetts/",
          "note": "Suffolk Superior Court preliminary injunction; reported"
        },
        {
          "label": "Justia — KalshiEX LLC v. Schuler, S.D. Ohio, No. 2:25-cv-01165",
          "url": "https://law.justia.com/cases/federal/district-courts/ohio/ohsdce/2:2025cv01165/306374/69/",
          "note": "Preliminary injunction denied, 9 March 2026; reported"
        },
        {
          "label": "National Law Review — Kalshi's Sixth Circuit battle (Aug 2026)",
          "url": "https://natlawreview.com/article/eventful-proceedings-kalshis-6th-circuit-battle-latest-chapter-regulatory-war",
          "note": "Tennessee and Ohio rulings consolidated; argued 30 July 2026"
        },
        {
          "label": "Covers — Maryland appeals court hearing on Kalshi (May 2026)",
          "url": "https://www.covers.com/industry/maryland-appeals-court-hearing-kalshi-duck-quack-sports-betting-argue-may-2026",
          "note": "Fourth Circuit argument; no decision found by 12 September"
        },
        {
          "label": "CFTC — Withdrawal of proposed event-contract rules (6 Feb 2026)",
          "url": "https://www.cftc.gov/LawRegulation/FederalRegister/final-rules/2026-02454.html",
          "note": "Withdrawn to reconsider in light of state actions and litigation"
        },
        {
          "label": "CFTC — Proposed public-interest framework for event contracts (10 Jun 2026)",
          "url": "https://www.cftc.gov/PressRoom/PressReleases/9249-26",
          "note": "Three-step test; terrorism, assassination, war, gaming, unlawful activity"
        },
        {
          "label": "Holland & Knight — CFTC proposes comprehensive framework for public interest review (Jun 2026)",
          "url": "https://www.hklaw.com/en/insights/publications/2026/06/cftc-proposes-comprehensive-framework-for-public-interest-review",
          "note": "Comment deadline 27 July 2026"
        },
        {
          "label": "CFTC — Chairman Michael S. Selig",
          "url": "https://www.cftc.gov/About/Commissioners/MichaelSelig/index.htm",
          "note": "Sworn in 22 December 2025"
        },
        {
          "label": "Illinois Gaming Board — cease-and-desist letter to Polymarket (27 Jan 2026)",
          "url": "https://igb.illinois.gov/content/dam/soi/en/web/igb/documents/sports/cease-and-desist-letters/20260127-cease-desist-letter-polymarket.pdf",
          "note": "Alleged unlicensed sports wagering"
        },
        {
          "label": "The Block — Polymarket faces first state-level cease-and-desist from Tennessee",
          "url": "https://www.theblock.co/post/385002/polymarket-faces-first-state-level-cease-and-desist-from-tennessee-weeks-after-us-relaunch-report",
          "note": "Kalshi, Polymarket and Crypto.com; reported"
        },
        {
          "label": "SBC Americas — Nevada judge initial ban on Polymarket (2 Feb 2026)",
          "url": "https://sbcamericas.com/2026/02/02/nevada-judge-initial-ban-polymarket/",
          "note": "Temporary ban; reported"
        },
        {
          "label": "SBC Americas — Polymarket sues New Mexico (2 Jul 2026)",
          "url": "https://sbcamericas.com/2026/07/02/polymarket-sues-new-mexico/",
          "note": "Federal lawsuit; reported"
        },
        {
          "label": "Kalshi public trade API — open events",
          "url": "https://api.elections.kalshi.com/trade-api/v2/events?status=open&with_nested_markets=true",
          "note": "Read by Vultax 18:30–18:32 UTC, 12 September 2026; 14,968 events"
        },
        {
          "label": "Vultax: Kalshi vs Polymarket, the odds gap measured",
          "url": "https://vultax.com/research/kalshi-polymarket-open-interest-by-category",
          "note": "Matched Fed contracts across the two venues"
        }
      ],
      "measurement": {
        "kind": "reference",
        "temporalCoverage": "2026-01/2026-09",
        "population": null,
        "methodology": "Court decisions and filings reported between January and 12 September 2026."
      },
      "id": "court-map-table",
      "kind": "published-table",
      "description": "Polymarket US runs on a CFTC-registered exchange; polymarket.com is still closed to Americans. The sports contracts behind 86% of Kalshi's volume have split two federal appeals courts. Court by court, as of 12 September 2026.",
      "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026",
      "sectionUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026#court-map",
      "publishedAt": "2026-09-14",
      "modifiedAt": "2026-09-14",
      "version": "c0a6e37347b5306234b4c8222c1926b8b99c63ae19d5770ec87134ae521f9f0a",
      "isLive": false,
      "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Describes court decisions, regulatory actions and venue documents as reported up to 12 September 2026; positions change and some items rest on press reports. The Kalshi figures are Vultax's reading of a public API at one moment and count contracts, not dollars. Nothing here is legal or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.json?dataset=court-map-table",
        "csv": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.csv?dataset=court-map-table"
      }
    }
  ]
}