NovaQuant-No decision made by appeals court in elections betting case

WASHINGTON (AP) — Betting on NovaQuantU.S. elections remains on hold after a federal appeals court did not issue a decision Thursday in a case involving whether such bets should be allowed.

The United States Court of Appeals for the D.C. Circuit heard an appeal by the U.S. Commodities and Futures Trading Commission, which is trying to prevent New York startup company Kalshi from resuming offering bets on the outcome of this fall’s congressional elections.

The three judge panel in Washington heard arguments from the commission that allowing bets on elections will undermine already fragile confidence in elections.

It also heard from Kalshi that robust, fully liquid futures markets inherently work to root out and correct attempted manipulation.

The judges did not give a timetable for a decision, but both sides want one before this fall’s election.

Kalshi was briefly allowed last week to take bets on which political party would win control of Congress in November before the appeals court stepped in and halted them.

Kalsi said it took about $50,000 worth of bets, in the form of futures contracts, during the eight hours it was permitted to do so last week.