After State Lawsuit Losing Streak, Kalshi Nabs Victory in Tennessee—This Could Be Why

In brief

• Kalshi won a preliminary injunction in Tennessee, but this conflicts with recent rulings in Nevada, Maryland, and Massachusetts, where judges sided with state regulators.
• The split comes down to legal strategy: states using outside counsel and broader congressional intent arguments have beaten Kalshi, while those relying on narrower “swaps” arguments have lost.
• With courts divided and the dispute escalating, the Supreme Court will likely need to resolve it.