KalshiEX LLC v. Martin

Injunction denied; on appeal (4th Cir.)4th Cir.Kalshi v. State

Last updated August 16, 2026. Snapshot — not legal advice.

Overview

Judge Adam Abelson (D. Md.) denied Kalshi’s request for a preliminary injunction, holding that while the Commodity Exchange Act overrides state commodity regulation, it does not preempt state authority over betting; because Kalshi did not show a likelihood of success, the court did not reach the other injunction factors. The Fourth Circuit heard argument in May 2026 and was reportedly skeptical of Kalshi’s theory. The decision is pending, and the state agreed not to enforce until the court rules. (The earlier working name "Martinez" for this case was incorrect — the defendant is Director John Martin.)

Timeline

August 2025

District court (Judge Abelson) denies Kalshi a preliminary injunction; Kalshi appeals to the Fourth Circuit (No. 25-1892).

May 2026

Fourth Circuit hears oral argument; panel reportedly skeptical of Kalshi’s preemption theory.

What's next: Fourth Circuit decision pending; state agreed not to enforce until the court rules.

Parties

Plaintiffs

  • KalshiEX LLC

Defendants

  • John Martin (Director, Maryland Lottery and Gaming Control Agency)
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