If the high court accepts the petition, it would tee up a case with sweeping implications for prediction markets, an industry that has unleashed billions of dollars of betting across nearly every aspect of modern life.

A three-judge panel for the Ninth Circuit—a federal appeals court—ruled that Nevada can enforce its gambling laws against Kalshi.

The U.S. Supreme Court now sees a circuit split over sports prediction markets. History suggests that makes it more likely it will review the topic.

New Jersey is asking the Supreme Court to weigh in on whether sports-event contracts should be regulated at the state or federal level.