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Checked Oct. 21, 2026
IA ยท Checked Oct. 21, 2026
In litigation
A federal judge refused to block Iowa from enforcing its gambling laws against Kalshi; Kalshi has appealed to the Eighth Circuit.
Kalshi sued Iowa Attorney General Brenna Bird and Iowa Racing and Gaming Commission officials in March 2026, after officials would not rule out enforcement. The suit challenges state gambling law and Iowa's ban on election betting. On September 8, 2026, U.S. District Judge Stephen Locher of the Southern District of Iowa denied Kalshi's request for a preliminary injunction, and Kalshi appealed to the Eighth Circuit (No. 26-2874), where its opening brief is due November 6. Iowa has not filed its own enforcement action. Several 2026 bills to permit and tax event contracts did not pass.
Next: Kalshi's opening brief due Nov. 615 days
Appeal docketed Sept. 17Nov. 6
Resolves Yes if the court reverses or vacates the denial of Kalshi's preliminary injunction in KalshiEX v. Bird, No if it affirms.
Eighth Circuit No. 26-2874. Source: Court docket
Other development, Kalshi
Kalshi filed an interlocutory notice of appeal; the Eighth Circuit docketed it on Sept. 17 as No. 26-2874 and set Kalshi's opening brief for Nov. 6, 2026.
Court order, Kalshi
Judge Stephen Locher denied Kalshi's preliminary-injunction motion, finding Kalshi unlikely to show its sports contracts are swaps, which leaves Iowa free to enforce its gaming laws while the case continues.
Source: SBC Americas
Other development, Kalshi
The Iowa attorney general joined a 37-state amicus brief in the Sixth Circuit (KalshiEX LLC v. Schuler) supporting Ohio's authority to apply its gaming laws to Kalshi.
Source: California Attorney General (coalition press release)
Other development
The Iowa attorney general was one of 41 attorneys general on a comment letter asking the CFTC to confirm in rulemaking that it lacks jurisdiction over sports-related event contracts.
Operator lawsuit, Kalshi
Kalshi sued Iowa's attorney general and gaming regulators in the Southern District of Iowa, arguing federal law preempts state gambling and election-betting laws.
Source: DeFi Rate legal tracker
Will a federal judge grant Kalshi a preliminary injunction against Iowa?
Judge Locher denied Kalshi's preliminary injunction. Kalshi appealed to the Eighth Circuit. S.D. Iowa No. 4:26-cv-00109. Source: Courthouse News
SF 2470 (formerly SF 2085)Failed
Event-driven contracts
Would have required a permit for event-driven contracts and taxed adjusted revenue; failed at adjournment.
Source: legis.iowa.gov
SF 2494Failed
Designated contract markets
Would have regulated designated contract markets and set penalties; failed at adjournment.
Source: ncsl.org
SSB 3195Failed
Designated contract markets
Senate study bill to regulate designated contract markets; failed at adjournment.
Source: ncsl.org