
Real-money market
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Two federal circuits split on whether the Commodity Exchange Act preempts state gambling law for CFTC-listed sports event contracts: the Third Circuit said yes (2-1, 6 Apr 2026); the Ninth said no (3-0, 28 Aug 2026), on a preliminary-injunction record. New Jersey petitioned the Supreme Court on 2 Sep 2026. This market settles on what the Court itself does by 15 Jul 2028 - a preemption holding either way, cert denied in every such case with none pending, or anything else - read off the Court's own docket, order lists and slip opinions.
No merits ruling by deadline (anything else)
50%