- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
US Fifth Court of Appeals Sides with PredictIt in CFTC Lawsuit
The latest decision sends the case to a district court and represents a major milestone in the lawsuit between PredictIt and CFTC
PredictIt is a popular platform that enables customers to place wagers regarding the outcome of financial, as well as political events. The betting platform has been involved in a lawsuit for quite some time now after the Commodity Futures Trading Commission (CFTC) asked it to discontinue its offering last summer. In response, PredictIt filed a lawsuit that continues to this day. Yet, a filing with the US Fifth Circuit Court of Appeals reveals that the betting platform may ultimately prevail in its lawsuit against the CFTC.
It was back in 2014 when the Victoria University of Wellington secured a no-action letter (NAL) for PredictIt from the CFTC. This effectively enabled the platform to operate without the need to register with the CFTC under the Commodity Exchange Act. However, in August last year, CFTC announced the rescission of the NAL, while at the same time asking PredictIt to discontinue its offering.
On Friday, the US Fifth Circuit Court of Appeals took the side of PredictIt, asking a district court to ensure that CFTC doesn’t take further actions against the platform. “We now conclude that a preliminary injunction was warranted because the CFTC’s rescission of the no-action letter was likely arbitrary and capricious. So, we remand for the district court to enter a preliminary injunction while it considers Appellants’ challenge to the CFTC’s actions,” wrote Fifth Circuit Judge Stuart Kyle Duncan.
Platform’s CEO Deems the Court’s Decision a Sweeping Victory
In light of the recent ruling by the US Fifth Circuit Court of Appeals, the lawsuit is now heading to the US District Court for the Western District of Texas. While the case is still ongoing, the latest action still represents a major milestone in the legal battle between the CFTC and PredictIt.
“This is a sweeping victory for prediction markets like PredictIt and those who find value in the insights they provide. One of the highest courts in the country agrees that in 2014 PredictIt was issued a license to operate, and the CFTC’s attempts to take that away were unjustified.“
John Phillips, CEO and co-founder at PredictIt
John Phillips, PredictIt’s CEO and co-founder, shared his excitement about the US Fifth Circuit Court of Appeals’ decision from Friday, acknowledging that it represents a major victory for the platform. He explained that the court effectively recognized that in 2014, the platform secured a license, in the form of NAL. Finally, Phillips said that the court also found the decision by CFTC to stop PredictIt’s operations as unjustified.
Jerome brings a wealth of journalistic experience within the iGaming sector. His interest in the industry began after graduating from college, where he regularly participated in local poker tournaments. This exposure led him to the growing popularity of online poker and casino rooms. Jerome now channels all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
Must Read
Legal
September 12, 2025
FanDuel Class Action in California Withdrawn but Might Come Back
Legal
September 15, 2025
FanDuel to Pay $5M to the Jacksonville Jaguars Following Recent Scandal
More Articles
Industry
September 18, 2025
Canadians Less Likely than Americans to Bet on Sports, Study Shows
Casino
September 18, 2025
Wynn UAE Casino to Feature Crypto Payments & More
Poker
September 18, 2025
Kalshi Secures Daniel Negreanu as Its New Brand Ambassador
Casino
September 18, 2025
Poker Palace in North Las Vegas to Open Its Doors Again in 2026
Casino
September 18, 2025
Times Square Casino Plan Falls Through Due to Broadway Opposition
Casino
September 18, 2025
Tourist in Las Vegas Shot by a Security Guard Armed Without Authorization
Casino
September 18, 2025
Ex-Gregg Township Official Jailed for $533K Gambling Embezzlement
Sports
September 17, 2025
Missouri Is Bracing for Sports Gambling – And Addiction
Casino
September 17, 2025
Melco Plans Private Hospital at Macau’s Studio City
Casino
September 17, 2025
New Jersey Takes Steps Toward Tougher Responsible Gambling Rules
Casino
September 17, 2025
Las Vegas Starts Big Sales Push to Fight Tourism Slump
Lottery
September 17, 2025
$600K Monopoly Winner in NC Gets “Best Birthday Present Ever”
Casino
September 17, 2025
SGLA and SPGA Merge to Create “Clear and Consistent Voice”