Third U.S. Circuit Court Backs Kalshi for Sports Betting
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 06 2026
0mins
A three-judge panel of the Third U.S. Circuit Court of Appeals sided 2-1 with Kalshi in finding that the Commodity Exchange Act preempts state law and governs the sports-related event contracts it offers on its platform and that New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place bets on the outcome of sporting events, reported Reuters. Online sports betting companies include DraftKings (DKNG) and Flutter Entertainment (FLUT). Other publicly traded companies in the casino gaming space include Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Sportradar (SRAD) and Wynn Resorts (WYNN).
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Analyst Views on BYD
Wall Street analysts forecast BYD stock price to rise
11 Analyst Rating
4 Buy
7 Hold
0 Sell
Moderate Buy
Current: 85.240
Low
84.00
Averages
93.70
High
110.00
Current: 85.240
Low
84.00
Averages
93.70
High
110.00
About BYD
Boyd Gaming Corporation is a gaming company. The Company operates over 27 brick-and-mortar gaming entertainment properties. It owns and operates Boyd Interactive, a business-to-business (B2B) and business-to-consumer (B2C) online casino gaming business. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The Las Vegas Locals segment consists of eight casinos in the Las Vegas metropolitan area. The Downtown Las Vegas segment consists of California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. Its Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in ten states, predominantly in the Midwest and southern United States. The Online segment includes its online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Boyd Gaming Declares Quarterly Cash Dividend
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- Shareholder Record Date: The dividend will be paid to shareholders of record as of June 15, 2026, ensuring timely returns for investors and further solidifying the company's relationship with its shareholders.
- Company Background: Founded in 1975, Boyd Gaming operates 27 gaming entertainment properties across 11 states, showcasing its extensive footprint and influence in the U.S. gaming market.
- Loyalty Program Advantage: The Boyd Rewards program is recognized as the nation's favorite casino loyalty program, enhancing customer retention and providing the company with ongoing revenue growth potential.
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Reduction in Shareholding: Since May 1, 2026, Mariann Boyd Johnson has reduced her shareholding in Boyd Gaming by 37,086 shares, valued at approximately $3.16 million.
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- Record Export Figures: The company achieved an all-time high of 135,098 units in exports for April, representing over a 70% increase compared to the previous year, underscoring its growing reliance on overseas markets as domestic competition intensifies.
- Significant Profit Drop: BYD reported a nearly 55.4% year-over-year decline in profits for the first quarter, with operating revenue falling 11.8% to 150 billion yuan ($22 billion), highlighting the profitability challenges faced in a competitive landscape.
- International Market Expansion: With plans to export over one million units in 2026, BYD accounted for 70% of EV sales in Mexico and 75% in Argentina in 2025, showcasing its strong growth potential in international markets.
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- Investor Confidence Boost: Despite regulatory scrutiny, only about 15% of the Hong Kong IPO pipeline may face Chinese regulatory challenges, indicating a strong optimism among investors regarding future IPO liquidity and market recovery.
- Tech Ecosystem Development: The increasing number of Chinese companies going public in Hong Kong is fueling financing for domestic startups, fostering the growth of China's tech ecosystem and attracting global investor interest.
- Shift in Entrepreneurial Mindset: Chinese entrepreneurs are becoming more open to selling their businesses or engaging in M&A, providing investors with more opportunities to profit and further expanding the industry's scale.
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- Holiday Impact: With most global stock markets closed for Labor Day, trading volumes have plummeted, particularly in Asia where markets in Hong Kong and the mainland remained shut, exacerbating market uncertainty.
- Economic Outlook: Despite the European Central Bank and Bank of England holding rates steady, expectations for future rate hikes have risen, with traders pricing in a 75% chance of an ECB hike in June, which could impact investor confidence moving forward.
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See More
Boyd Gaming Declares Quarterly Cash Dividend
- Quarterly Cash Dividend: Boyd Gaming Corporation's Board of Directors has declared a cash dividend of $0.20 per share, payable on July 15, 2026, aimed at rewarding shareholders and enhancing investor confidence.
- Shareholder Record Date: The dividend will be paid to shareholders of record as of June 15, 2026, ensuring timely returns for investors and further solidifying the company's relationship with its shareholders.
- Company Background: Founded in 1975, Boyd Gaming operates 27 gaming entertainment properties across 11 states, showcasing its extensive footprint and influence in the U.S. gaming market.
- Loyalty Program Advantage: The Boyd Rewards program is recognized as the nation's favorite casino loyalty program, enhancing customer retention and providing the company with ongoing revenue growth potential.
See More
Boyd Gaming (BYD.US) Executive Plans to Sell $5.28 Million in Common Stock via Form 144
Stock Sale Announcement: Officer Mariann Boyd Johnson plans to sell 62,914 shares of Boyd Gaming's common stock on May 5, with an estimated market value of around $5.28 million.
Reduction in Shareholding: Since May 1, 2026, Mariann Boyd Johnson has reduced her shareholding in Boyd Gaming by 37,086 shares, valued at approximately $3.16 million.
See More
BYD's April Sales Decline Continues Amidst Competition
- Sales Decline Continues: BYD delivered 314,100 new energy vehicles in April, reflecting a 15.7% year-over-year decline despite a 6.2% month-over-month increase, indicating pressure on market share amid intensifying domestic competition.
- Record Export Figures: The company achieved an all-time high of 135,098 units in exports for April, representing over a 70% increase compared to the previous year, underscoring its growing reliance on overseas markets as domestic competition intensifies.
- Significant Profit Drop: BYD reported a nearly 55.4% year-over-year decline in profits for the first quarter, with operating revenue falling 11.8% to 150 billion yuan ($22 billion), highlighting the profitability challenges faced in a competitive landscape.
- International Market Expansion: With plans to export over one million units in 2026, BYD accounted for 70% of EV sales in Mexico and 75% in Argentina in 2025, showcasing its strong growth potential in international markets.
See More
Revival of Hong Kong IPO Market Signals Growth
- Surge in Hong Kong IPOs: Over 40 companies have listed in Hong Kong this year, with projections to raise about $60 billion, nearly double the $36 billion expected in 2025, highlighting the market's significance in global capital flows.
- Investor Confidence Boost: Despite regulatory scrutiny, only about 15% of the Hong Kong IPO pipeline may face Chinese regulatory challenges, indicating a strong optimism among investors regarding future IPO liquidity and market recovery.
- Tech Ecosystem Development: The increasing number of Chinese companies going public in Hong Kong is fueling financing for domestic startups, fostering the growth of China's tech ecosystem and attracting global investor interest.
- Shift in Entrepreneurial Mindset: Chinese entrepreneurs are becoming more open to selling their businesses or engaging in M&A, providing investors with more opportunities to profit and further expanding the industry's scale.
See More
Geely's Strategic Positioning in the U.S. Market
- Market Access Advantage: Despite the U.S. imposing a 100% tariff on Chinese EVs, Geely has established a robust dealer network through its brands like Volvo, Polestar, and Lotus, enhancing its market access capabilities and demonstrating strategic positioning in the U.S. market.
- Production Capacity Potential: The Volvo factory in South Carolina has a production capacity of 150,000 vehicles annually but only produced about 18,500 in 2025; plans to increase production of the XC60 hybrid SUV could add approximately 45,000 units, further enhancing Geely's production capabilities.
- Brand Expansion Plans: Geely's Zeekr brand is seen as the most likely candidate for U.S. market entry, with Waymo already utilizing Zeekr vehicles for its self-driving fleet in San Francisco, showcasing its potential in technology and market adaptability.
- Policy Environment Impact: Despite bipartisan opposition, President Trump has expressed openness to Chinese automakers building plants in the U.S., potentially providing new market opportunities for Geely and other Chinese automotive brands, further driving their expansion plans in the U.S.
See More
German Stock Market Hit Hard by New COVID Variant Concerns
- Market Reaction: The German stock market has faced a significant blow due to concerns over a new COVID variant emerging in South Africa, leading to a sharp decline in major indices and reflecting investor anxiety about a potential resurgence of the pandemic.
- Holiday Impact: With most global stock markets closed for Labor Day, trading volumes have plummeted, particularly in Asia where markets in Hong Kong and the mainland remained shut, exacerbating market uncertainty.
- Economic Outlook: Despite the European Central Bank and Bank of England holding rates steady, expectations for future rate hikes have risen, with traders pricing in a 75% chance of an ECB hike in June, which could impact investor confidence moving forward.
- Industry Dynamics: In the U.S., Apple has issued a better-than-expected revenue forecast, showcasing strong sales and earnings, which may positively influence global markets, particularly in the tech sector.
See More
