Kalshi CEO Says NBA Deal and New CFTC Rule Are Coming Soon
Kalshi chief executive Tarek Mansour said a new Commodity Futures Trading Commission rule clarifying the legal status of sports prediction markets could land within weeks, and that the company expects to confirm a deal with either the NBA or NFL soon.
Mansour made the comments in an interview with Rotowire at Kalshi's Manhattan headquarters on September 2, 2026, his first public remarks since a Ninth Circuit panel ruled against the company in a case brought by Nevada regulators.
The three-judge panel sided with Nevada, finding that Kalshi's sports event contracts function as sports betting under a reasonable person's understanding. The ruling leaned on Rule 40.11 of the Commodity Exchange Act, which lets the CFTC block a contract it deems contrary to the public interest if it involves gaming.
Mansour said the decision "added more legal uncertainty than there was before," adding: "It's hard to argue with that." He said the CFTC has already proposed new rules that would more clearly permit sports event contracts, and expects clarity "in the next few weeks or next few months."
NBA Deal Appears Close
Kalshi already has an agreement with the NHL and struck deals with five MLB teams last week, joining Polymarket, which also has arrangements with MLB and MLS clubs. Mansour would not confirm a specific NBA or NFL agreement but said: "You should expect announcements very soon, at least from one of the two remaining major leagues."
NBA commissioner Adam Silver has said the league has been in talks with prediction market operators since March on a framework covering data access, integrity monitoring and marketing, mirroring arrangements already struck with the NHL and MLB.
The NFL has been more cautious. Fanatics, DraftKings and FanDuel are all official sportsbook partners of the league this season, but NFL executive vice president Renie Anderson told ESPN that prediction markets are "not a space that we're considering right now commercially."
Mansour Defends Trading Argument
The Ninth Circuit opinion opened by quoting Kalshi's own past advertising describing itself as "the first sportsbook app for legal sports betting in all 50 states," an ad the company no longer runs. Mansour argued the word "bet" was used colloquially, comparing it to casually saying someone is "betting on Tesla stock."
He pointed to Kalshi's user base, some of whom he said come from quantitative trading backgrounds at firms including Jane Street, as evidence the platform functions as a trading venue rather than a sportsbook. The Ninth Circuit disagreed, stating that "everyone, including Kalshi, knows" its sports markets amount to sports betting.
Sportsbook Rivals Push Back
The dispute has drawn sharp criticism from licensed operators who pay state betting taxes. Circa Sports chief executive Derek Stevens has called Kalshi "thieves," while DraftKings co-founder Matt Kalish has repeatedly criticised the company's regulatory approach. Kalshi reported $179.4 billion in total trades in 2026 to date, with $128.3 billion of that tied to sports-related contracts, according to data cited in the interview.
Mansour said the case is likely headed toward a wider legal reckoning over how prediction markets are classified nationally, with the possibility of eventual Supreme Court review given a split between the Ninth and Third Circuits on the underlying preemption question.
For bettors and operators, the next milestones are the CFTC's promised rule clarification and confirmation of Kalshi's NBA or NFL arrangement. Either would shape how prediction markets are treated alongside licensed sportsbooks and online casinos as the sector's legal status continues to be tested state by state.
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