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A prediction market is a contract where participants put real money on whether a specific future event will go a certain way. New Jersey has petitioned the U.S. Supreme Court to hear a case about those contracts.
The petition came after a ruling by the 9th U.S. Circuit Court of Appeals on sports-event contracts. Sports-event contracts are the category of prediction market where the outcome depends on a game or match.
The 9th Circuit is a federal appeals court covering the western United States. Its decisions bind courts in that region.
They do not bind courts elsewhere in the country, which means two legally identical disputes could end up resolved differently depending on where they are filed.
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