The state was the first to pass a law banning Kalshi and Polymarket. A lawsuit filed by a federal agency may set a precedent on who gets to regulate them.

© Jenn Ackerman for The New York Times

The outcome contradicted an earlier appeals court decision. Federal regulators said the split rulings called for resolution by the Supreme Court.

© Eric Helgas for The New York Times

A legal dispute over the future of Kalshi, Polymarket and others has drawn in the Trump administration, the president’s son and nearly every state attorney general.

© Ricardo Tomás