Cahill Gordon & Reindel LLP
10/13/2026 | Press release | Archived content
Gary Kalbaugh Quoted in Bloomberg Law on Prediction Markets Dispute
Gary Kalbaugh Quoted in Bloomberg Law on Prediction Markets Dispute
October 13, 2026
Cahill partner Gary Kalbaugh was quoted in a Bloomberg Law Deep Dive article examining a recent federal court decision regarding the regulation of sports prediction markets.
In early October, a federal district court in Illinois granted certain sports prediction markets preliminary protection against Illinois' licensing laws, conflicting with an earlier district court ruling in Wisconsin. Gary noted that: "Friday's ruling means there's an intracircuit split" and highlighted that, historically, "the Seventh Circuit has been perceived as a friendly court for CFTC-regulated markets."
The October decision is the latest development in ongoing litigation over the regulation of prediction markets, with conflicting rulings raising the possibility of Supreme Court review.
Read the full article here.
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