US Supreme Court

Robinhood, Kalshi and Crypto.com seek Supreme Court ruling on prediction market wagering tax

Robinhood◼, Kalshi◼ and Crypto.com◼ have asked the US Supreme Court to review losses in cases brought by Nevada and New Jersey over their sports event contracts. The companies argue these are not taxable wagers and have not been collecting federal wagering tax, and responses in all three cases are due on 7 December. Robinhood has warned that an unfavourable tax ruling could be material and make event contracts uneconomical.