Supreme Court to decide tax bill for prediction market operators

Robinhood, Kalshi, and Crypto.com will soon hear from the Supreme Court whether or not their sports contracts can be exempt from paying federal wagering tax on the grounds that they’re not gambling. The companies, which haven’t been collecting wagering tax from their booming prediction markets, are set to receive a decision on their main argument at the same time. Robinhood asked the Supreme Court on September 10 to review its Ninth Circuit loss to Nevada’s gambling commission, and that case is now due for Nevada’s response on December 7.