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The NFL has asked the U.S. Supreme Court to take up a question that determines who regulates sports event contracts: whether states can apply their gambling laws to sports-related contracts listed on federally designated contract markets, or whether federal derivatives law places those contracts beyond state reach. In an amicus brief filed October 8, 2026, the league supports the petitioners in Flaherty v. KalshiEX, LLC, Supreme Court docket No. 26-299, and argues that these contracts are sports gambling rather than swaps under the Commodity Exchange Act (CEA).
That is the league’s position in a pending case. As of October 9, 2026, no grant of review or merits decision had been reported, so the classification of these contracts remains contested rather than settled.
What the NFL is asking the Court to do
An amicus brief is filed by a party that is not one of the litigants, to give the court its view on a question before it. The NFL’s brief urges the Court to review whether states can apply gambling laws to sports event contracts listed on designated contract markets (DCMs), which are exchanges that operate under federal designation. Coverage of the filing from the Associated Press, CBS News and The Block, all dated October 8, 2026, reports the same core request. The league also argues that timing matters, writing: “Any delay from the Court will result in increasing consumer harm and risk to game integrity.”
The legal question: is a sports contract a swap or a wager?
The dispute is about statutory interpretation, not about what a platform chooses to call its product. Three questions sit underneath it. First, what the CEA’s definition of a “swap” covers. Second, what the statute means by an event associated with a potential financial, economic, or commercial consequence, and how that phrase fits with the rest of the statute. Third, whether federal law displaces state gambling rules for contracts traded on a DCM.
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The league’s reading
The NFL argues that derivatives regulation has traditionally addressed instruments used to hedge existing financial risk and to support price discovery. A sports contract that lets a participant take a position on a game’s outcome, in the league’s view, creates gambling risk rather than hedging an existing commercial exposure. The brief states: “Read in its statutory and historical context, Dodd-Frank’s definition of ‘swap’ reaches only instruments created and used for the purpose of hedging preexisting risk—not wagers that create risk primarily for gambling purposes.” It adds that Congress did not use Dodd-Frank to bring sports betting under federal control by placing such contracts inside the CEA’s definition of a swap.
The federal regulator’s reading
The CFTC’s asserted position is that federally registered DCMs fall within its exclusive authority over swaps. If that reading is correct, the contracts would be governed federally and state gambling rules would not reach them. States argue the opposite: that sports event contracts are wagers subject to state gambling law. The Court’s review would settle which framework governs.
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How the appellate courts have split
The NFL says it agrees with the reasoning of the Sixth and Ninth Circuits, which favor state regulation. The Third Circuit reached the opposite result in the New Jersey litigation, and that conflict is the core reason the league wants the Supreme Court to weigh in.
| Court | Reported position on sports event contracts | Reasoning as described |
|---|---|---|
| Third Circuit (New Jersey litigation) | The contracts qualify as swaps, so the result is opposite to the state-regulation approach | Emphasized the statutory text |
| Ninth Circuit | Sports-event contracts are sports gambling in context, and state regulation can apply | Read the contracts in their context |
| Sixth Circuit | The NFL says it agrees with the state-regulation approach | Not stated in the NFL coverage reviewed |
The description of the Third and Ninth Circuit disagreement comes from the Supreme Court petition in Commodity Data Network Association v. Nevada, No. 26-344, filed in September 2026. The NFL’s support for the Sixth Circuit is reported without an account of that court’s analysis, so readers should not infer its reasoning from the league’s endorsement.
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What the CFTC, Kalshi and Polymarket say
The CFTC
CFTC spokeswoman Brooke Nethercott told AP: “It’s unfortunate the NFL declined to sign (a memorandum of understanding) with the CFTC which would’ve provided the league the ability to better discuss, cooperate, and exchange information with us to promote the integrity and resilience of prediction markets.” The statement indicates that the agency offered a memorandum of understanding and that the league declined it. It also disputes any account that suggests the two have not communicated.
Kalshi
Kalshi disputes the NFL’s characterization of federal oversight. Its spokesperson, Elisabeth Diana, told AP: “Contrary to the NFL’s statements, the CFTC is actively policing sports-related markets, which are now listed on nearly every U.S. commodities exchange.” Diana said the company’s priority is market integrity and pointed to its partnerships with sports organizations. Those partnerships are Kalshi’s own description, and coverage of the filing does not detail them.
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Polymarket
A Polymarket spokesperson told AP that the company “shares the NFL’s commitment to preserving the integrity of the game,” and said it is working on “a harmonized federal framework.” That is the operator’s position, not a regulatory outcome.
What the brief’s numbers do and do not show
The first-Sunday volume figure
The brief says that on the first Sunday of the 2026 season, NFL-related contracts accounted for more than half of prediction-market trading volume: $1.8 billion out of $3.3 billion, or roughly 55 percent. AP reports the figure as a claim from the brief, not as an independently audited measurement. Coverage of the filing does not explain how “NFL-related” was defined or which platforms were counted, so treat the number as the league’s one-day tally of league-linked activity.
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The CFTC staffing comparison
The brief cites 543 employees at the CFTC, an agency-wide figure, and sets it against the staffing of state gaming regulators. The league uses the comparison to argue that the CFTC has broad responsibilities and limited capacity for overseeing event contracts. The state staffing figures are not reproduced in the coverage reviewed. The 543 number is the NFL’s citation and has not been independently verified as a headcount, and because it covers the whole agency, it does not isolate the staff who work on event contracts.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The integrity safeguards the NFL wants adopted
The league says state-regulated sportsbooks and gaming authorities use safeguards that it wants prediction-market operators and the CFTC to adopt. Its brief lists the following:
- Prohibited or manipulable wagers. The league names individual plays and player injuries as markets it considers especially vulnerable.
- Information sharing on official league data so that contracts settle accurately.
- Insider-trading monitoring intended to prevent people from trading on material nonpublic information.
- A minimum age of 21. The brief notes that 18-year-olds can trade on DCM sports markets.
The league’s concern is that a person with privileged information, or someone able to influence a narrow event, could gain an unfair advantage. That is a stated concern, not a finding that any particular contract was manipulated.
What this means if you trade or are weighing these contracts
Because the question is still before the courts, the practical consequences depend on how it is resolved. Several points follow from the record:
Quick Recap
- A platform’s label does not settle the classification. The dispute turns on the CEA and state gambling law, not on marketing terms.
- Where you live may matter. The appellate courts have split, and the league is asking for a ruling that would let states apply their gambling laws. What that would mean for any particular state is not yet known.
- Age rules are contested. Under the brief’s account, 18-year-olds can trade DCM sports markets, while the NFL wants the minimum raised to 21.
- The safeguards listed above are proposals. Coverage of the filing presents them as what the league wants operators and the CFTC to adopt, not as existing requirements for DCM sports markets.
- Classification shapes which rules apply. Coverage of the filing does not spell out which consumer protections would apply under either outcome, so do not assume protections that have not been described.
What to watch next
- Whether the Court grants review in Flaherty v. KalshiEX, No. 26-299. As of October 9, 2026, no grant had been reported.
- The separate petition in Commodity Data Network Association v. Nevada, No. 26-344, which describes the same Third and Ninth Circuit disagreement.
- Whether the CFTC and the NFL reach a memorandum of understanding. The CFTC has said the league declined to sign one.
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