New Jersey is taking prediction market giants like Kalshi and Polymarket to the Supreme Court, arguing they’re really just sports betting platforms that should be regulated under state gambling laws — not federal rules. The state claims these companies are evading oversight by calling themselves “prediction markets,” letting anyone 18+ place bets across all 50 states, while traditional gambling requires you to be 21. After a federal appeals court sided with the companies, New Jersey’s AG is now asking the Supreme Court to reverse that decision and restore state authority. Critics worry about insider trading and even bets on classified military operations, adding fuel to the fire. The Trump administration previously opposed state regulation, with Donald Trump Jr. reportedly advising these firms — while the Biden team floated banning political bets, which the prior administration backed away from. New Jersey’s ultimate goal? To ensure states can protect consumers and enforce fair play in this booming, legally murky industry.

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