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The big picture: Over eight weeks this summer, a Bellevue, Washington, man moved $315,353.94 into Kalshi through 253 separate bank debits, and the platform turned that money over in more than $14.3 million worth of trades on baseball games, tennis matches and other sporting events. When it was over, Scott Bright had lost $308,781.62, while Kalshi had kept $89,651.76 in fees. He is now suing to recover more than $580,000, and his case raises a hard question: is software that matches buyers and sellers of event contracts a federally regulated exchange, or an online casino that Washington law has banned?

Bright filed his complaint in September in King County Superior Court. Kalshi wants the case heard in the US District Court for the Western District of Washington.…