A recent court ruling in the case of KalshiEX, LLC v. Hendrick has determined that Kalshi's sports-related event contracts are essentially sports wagers. The decision draws a parallel to Justice Potter Stewart's famous remark on pornography, "I know it when I see it," from the 1964 Jacobellis v. State of Ohio case. The ruling suggests that, despite Kalshi's various characterizations of these contracts, they fundamentally constitute gambling activities. This decision may set a precedent for future legal interpretations of similar contracts.