Kalshi Notifies Fourth Circuit of Minnesota Preliminary Injunction on Event Contracts
TL;DR — Kalshi informed the Fourth Circuit of a July 27, 2026 Minnesota preliminary injunction blocking regulation of event contracts including sports ones as wagers. The notice applies to case No. 25-1892. It adds to legal actions testing prediction market rules.
SCCG Take — This notice supplies recent precedent on event contract classification for the pending appeal.
KalshiEX LLC submitted a FRAP 28(j) letter to the Fourth Circuit in KalshiEX LLC v. John A. Martin, et al., No. 25-1892. The letter advises the court of KalshiEX LLC v. Ellison, No. 26-cv-2778 (D. Minn. July 27, 2026). That case preliminarily enjoined a Minnesota law seeking to regulate many event contracts, including sports-event contracts, as “wagers.” The notice is documented on CourtListener.
Reporting: Kalshiex LLC v. John Martin (www.courtlistener.com)
Kalshi is arming its Fourth Circuit appeal with fresh precedent that event contracts aren't gambling—strategy matters more than this filing.
We watch every prediction-market case because the lines between information markets and gaming keep blurring, and regulators coast-to-coast are scrambling. This FRAP 28(j) letter is procedural table-setting, but it shows Kalshi building a multi-jurisdiction playbook to keep event contracts out of gaming law—critical as our operator and platform clients navigate these same ambiguities.
- Kalshi cited July 27 Minnesota preliminary injunction blocking state regulation of event contracts as wagers
- Notice filed in Fourth Circuit case No. 25-1892, KalshiEX v. Martin
- Adds state-level precedent to federal appeal testing prediction market classification
SCCG angle: SCCG has guided platforms and operators through regulatory gray zones in 30+ markets. When event contracts sit between information and wager, we connect clients to the compliance, legal, and lobbying specialists who turn ambiguity into defensible product strategy—before the next injunction drops.