A federal appeals court panel is refusing to let prediction market operator Kalshi restart trading on elections and sporting events in Nevada while it fights the state’s effort to shut it down until it gets a license from state gambling regulators.

Even judges appointed by Donald Trump recognize there’s a problem with the “prediction market” industry.

The Ninth Circuit ruled 3-0 against Kalshi, dissolving an injunction and allowing Nevada to enforce gaming laws on the prediction market's sports