- The IGRA exclusivity claim
- Kalshi sports event contracts are functionally Class III gaming on Indian lands. Under IGRA, Class III gaming on Indian lands requires a tribal-state compact. Kalshi never sought one. The tribes ask the court to declare the contracts illegal as offered to anyone within reservation boundaries.
- The age gap that is unique to NM
- Tribal sports betting in NM is 21 and up by compact. Kalshi opens accounts at 18. The complaint says the three-year window between 18 and 21 on tribal land is itself a compact violation because it dilutes the exclusivity the state promised the tribes in 2015.
- The geofence point
- Kalshi is a CFTC-designated contract market based in New York City. It runs no geofence around any reservation in New Mexico. The complaint argues the platform could have built one and chose not to, which the tribes frame as a willful violation that justifies punitive damages.
- Where the case sits nationally
- Kalshi has been sued by state AGs in NV, NJ, MD, and MT. The tribal track is separate: California tribes filed first, Wisconsin tribes filed second, NM is the third tribal suit. The split between the 3rd Circuit (Kalshi 2-1 in May 2025) and the developing 9th Circuit law sets up the conflict that frames every NM filing.