Company:Kalshi

From HandWiki
Kalshi Inc.
TypePrivate
IndustrySports betting, Prediction Betting
Founded2018; 8 years ago (2018)
Founders
  • Tarek Mansour
  • Luana Lopes Lara
Headquarters594 Broadway
New York, NY 10012
U.S.[1]
Website{{{1}}}

Kalshi Inc. is a web-based prediction market platform based in Manhattan, New York City and launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of the activity on the site[2][3] and 89% of the site's revenue in 2025.[4] Activity on the site is described as "heavily tied to the sports calendar" by analysts.[5]

To a smaller extent, the platform is also used to trade on future events other than sports, including economic indicators, cultural events, technological developments and political outcomes.

The site has been involved in several controversies and lawsuits regarding the legality of its sports and election markets, the ethics of allowing wagers on sensitive geopolitical issues, and insider trading, including the involvement of politicians.[6][7][8][9] Concerns over election integrity and decreasing public trust in the democratic process caused by election betting were raised by consumer advocacy groups and politicians. The United States Senate banned its senators and their staff from betting on prediction markets such as Kalshi in May 2026.[10]

Scholars have challenged that Kalshi efficiently and accurately aggregates information about outcomes.[11] Kalshi does not make public data on the total number of users on the platform nor statistics on the distribution of profits among users.[12]

History

In 2018, Kalshi was established by Tarek Mansour and Luana Lopes Lara,[13] two financial analysts. Initially, the project was briefly known as "Kownig".[14]

In November 2020, Kalshi attained a license from the Commodities Futures Trading Commission (CFTC), registering the platform as a designated contract market.[15][16][17] The site was publicly launched in July 2021.[18]

Beginning in 2022, Kalshi's attempts to offer political and election-related betting faced sustained legal and regulatory challenges from the CFTC.[19][20][21] The CFTC delayed decisions on these contracts, questioning whether they constituted valid risk-hedging tools and if they served the public interest. Internal disagreement emerged, with Commissioner Caroline Pham dissenting and arguing the contracts were not prohibited and did not require a public-interest test.[22]

In 2023, another months-long legal dispute began between Kalshi and the CFTC. Kalshi repeated that its contracts serve the public interest. In contrast, the CFTC contends that these contracts constitute illegal gambling and that it lacks the resources to oversee them effectively. Chairman Rostin Behnam has cautioned that allowing election contracts could "ultimately commoditize and degrade the integrity" of the electoral process.[23] Despite revised proposals allowing very large bets by hedge funds and institutions, the CFTC ultimately rejected Kalshi's congressional control contracts in September 2023. Kalshi responded by suing the agency, claiming it exceeded its authority.[24][25][26][27]

After a 2024 ruling by the DC District Court, CFTC had overstepped by blocking the contracts, and an appellate court later rejected the CFTC's request for a stay, Kalshi was allowed to relaunch its congressional control betting operations.[28][29][23][30]

In 2025, Kalshi became the infrastructure for Robinhood's event contracts Prediction Markets Hub.[31]

In 2025, Kalshi signed formal partnerships with media outlets CNN and CNBC, possibly bringing betting odds into NFL television broadcasts, as is already common for data from traditional sportsbooks.[32][33][34] A volume of $3–5 billion was bet on NFL games, with Barron's saying that "Kalshi [...] Need[s] the NFL.[33] Mansour said "The long-term vision is to financialize everything and create a tradeable asset out of any difference in opinion."[35]

As of May 2026, the company is valued at $22 billion following a TCV-led funding round.[36][37]

Controversies

Efforts to make the site accessible for younger audiences

In 2025, Kalshi engaged in efforts to create a "student ambassadors" program where students could sign up to promote Kalshi on their campuses, in order to "[bring] the next 100M users to prediction markets." Following a backlash, the related social media post and webpage were taken down.[38][39] Nonetheless, Kalshi continued to promote itself to college students. Critics noted that the treatment of prediction markets as commodity contracts, rather than betting sites, effectively lowered the age limit from 21 to 18.[40]

Betting on Gaza war

The site has been heavily criticized for including and thus capitalizing on humanitarian issues, such as whether the Palestinian population would be suffering from a food shortage due to the Gaza war.[41][42][43][44][45]

Opposition to Kalshi's election betting

While Kalshi argues that betting on political event would improve oversight to political and economic developments while also providing accurate forecasting data (which has been challenged by scholars),[46] critics such as Consumer advocacy groups like Better Markets contend that election betting could undermine election integrity and public trust by turning elections into speculative trading vehicles.[29] In August 2023, in a letter to the CTFC, Democratic senators Jeff Merkley, Sheldon Whitehouse, Ed Markey, Elizabeth Warren, Chris Van Hollen and Dianne Feinstein urged the CFTC to reject Kalshi's proposal, raising concerns over electoral integrity. The 2024 ruling that permitted Kalshi to relaunch its election outcome betting was described as "a sad and ominous day for election integrity" by Stephen Hall of Better Markets.[23][47]

Holding back payouts of won NFL bets

In January 2026, users who held correct positions on certain NFL bets were only repaid their original stake, rather than the full winnings. Only following backlash by many users and gambling industry analyst Dustin Gouker, Kalshi reacted and paid out the users.[48]

AI-generated ads

Screenshot of the "World Gone Mad" advertisement

During the NBA finals, Kalshi aired an ad that was created using generative AI models, such as Google's Veo 3 and OpenAI's ChatGPT. Reactions to the ad that was created by a self-proclaimed "AI filmmaker" were decidedly mixed, with Business Insider deeming it "chaotic".[49][50]

Insider trading

In February 2026, a video editor for YouTuber MrBeast was fined and suspended from Kalshi for suspected insider trading.[51][52][53]

In April 2026, Kalshi fined and suspended three congressional candidates for betting on their own political races, including Matt Klein, a Democrat State senator in Minnesota.[54]

Khamenei death

A market for the ousting of the Supreme Leader of Iran was hosted on the site. Upon Ali Khamenei's death, Kalshi froze the trade, citing it does not allow transactions "directly tied to death".[55] A total of $77 million in winnings for people who had bet that Khamenei would be out of office by 1 March 2026 were not paid out.[56]

Regulation and bans

United States

A number of U.S. states are attempting to regulate or apply existing bans on gambling to prediction markets, including Kalshi. The federal government under President Trump is aggressively contesting those efforts in court.

Arizona

In March of 2026, Arizona Attorney General Kris Mayes and state prosecutors filed criminal charges against Kalshi, alleging that it was running an illegal gambling business and election wagering.[57] The release noted that Arizonans were able to bet on professional and sporting events, individual player performance, and political issues, like whether the SAVE Act would become law. The 20 charges were all misdemeanors, punishable by fines up to $20,000.[58] Kalshi said in a statement that the charges were "meritless" and they were looking forward to fighting the charges in court.[59]

Massachusetts

In September 2025, Massachusetts Attorney General Andrea Campbell filed a lawsuit that accused Kalshi of "promoting and accepting sports wagers" without following Massachusetts gambling laws, as the practice is banned there.[60]

In January 2026, a Massachusetts Superior Court judge issued a preliminary injunction against Kalshi, effectively banning the platform from offering sports-based betting within the state. Under the court order, Kalshi was required to implement geofencing technology to block Massachusetts residents from accessing sports-related markets on its platform.[61]

Michigan

In March 2026, Michigan Attorney General Dana Nessel in collaboration with the Michigan Gaming Control Board filed a lawsuit against Kalshi. They allege that the platform conducts illegal sports betting, as Kalshi's operations in Michigan circumvent the state's Lawful Sports Betting Act, requiring such platforms to be licensed through the Michigan Gaming Control Board.[62][63]

In a press statement, Nessel said that "Corporations cannot circumvent state gaming laws." and that her office is working towards "[...] ensur[ing] that betting in [Michigan] remains lawful, fair and subject to the oversight of [its] residents expect and deserve.”[63]

Minnesota

In May 2026, Minnesota enacted a law banning prediction markets as of August 1, 2025.[64] The U.S. DOJ filed a lawsuit the following day seeking to stop the law from taking effect.[65]

Nevada

In March of 2026, a temporary ban on Kalshi was enacted in the state of Nevada. On 20 March 2026, the first Judicial District Court of Nevada issued a 14-day restraining order, barring the company from "offering a derivatives exchange and prediction market which offers event-based contracts relating to sports, election, and entertainment related events" without having first obtained gambling licenses.[66]

New York

In November 2025, a proposed class action lawsuit was filed against Kalshi in New York state, alleging that Kalshi "engaged in illegal deceptive activity, and unjustly enriched itself at the expense of tens of thousands of consumers" by operating unlicensed sports betting as well as leading users to unknowingly bet against Kalshi or its partners rather than against other users. Kalshi co-founder Luana Lopes Lara called the lawsuit "baseless".[67]

Ohio

On March 9, 2026, Ohio federal judge Sarah D. Morrison ruled that Kalshi's products amounted to gambling in the state of Ohio and should come under the jurisdiction of the Ohio Casino Control Commission rather than the CFTC. Morrison's opinion expressed she wanted to "avoid absurdity".[68] Ohio Attorney General Dave Yost celebrated the ruling, commenting on X that the ruling was a "big win" for the state. Kalshi, in its response, pledged to appeal, citing a positive injunctive ruling coming from Tennessee.[69]

Washington

On March 27, 2026 the state of Washington filed a lawsuit against Kalshi, alleging that the company has been operating in violation of state laws concerning illegal gambling.[70] On the same day Kalshi filed a notice of removal to federal court, arguing that the charges concern federally regulated derivatives.

Wisconsin

In April 2026, Wisconsin Attorney General Josh Kaul filed lawsuits against Kalshi, Coinbase, Polymarket and others, alleging they are bypassing state laws in order to run illegal gambling schemes in Wisconsin by characterizing sports bets as "event contracts." In a virtual news conference on April 23, he said that "Sports betting and other forms of commercial gambling have long been illegal in the state of Wisconsin." and that "No company is above this law no matter how creatively those companies try to disguise the activity they're engaged in."[71][72]

Native Reservations

In July 2025, three Californian tribes—the Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians and Picayune Rancheria of Chukchansi Indians—filed a federal lawsuit against Kalshi, alleging that it is conducting illegal sports gambling on tribal lands in violation of federal gaming laws. They argue that Kalshi’s sports event contracts constitute Class III gaming under the Indian Gaming Regulatory Act and thus violate their exclusive right to regulate gaming on reservation lands.[73]

In September of the same year the Ho-Chunk Nation of Wisconsin filed a similar lawsuit.[74]

Federal Government response

Following civil lawsuits against Kalshi and others that were issued by the states of Wisconsin and New York, the Commodity Futures Trading Commission sought to reaffirm its exclusive jurisdiction over prediction markets and filed lawsuits against the two states in response. Chairman Michael S. Selig said that "States cannot circumvent the clear directive of Congress," and that "[the Commissions's] message to Wisconsin is the same as to New York, Arizona, and others: if you interfere with the operation of federal law in regulating financial markets, we will sue you."[75]

Similar lawsuits in retaliation were issued against Arizona, Connecticut, Illinois, and Massachusetts and subsequently against Minnesota.[75][65]

President Trump wrote in a social media post that it “critically important” that the CFTC retain control “exclusive authority” over prediction markets and called former NJ Governor Chris Christie, NY AG Letitia James, MN Governor Tim Walz, and IL Governor JB Pritzker "SCUM" for trying to set rules at the state level.[76]

Restricted countries

As of May 2026, 53 international jurisdictions have taken steps to restrict accessibility to Kalshi. Those are:[77][78][79][80]

  • Afghanistan
  • Algeria
  • Angola
  • Australia
  • Belarus
  • Belgium
  • Bolivia
  • Brazil
  • Bulgaria
  • Burkina Faso
  • Cameroon
  • Canada
  • Central African Republic
  • Côte d'Ivoire
  • Cuba
  • Democratic Republic of the Congo
  • Ethiopia
  • France
  • Haiti
  • Hungary
  • India
  • Iran
  • Iraq
  • Italy
  • Kenya
  • Laos
  • Lebanon
  • Libya
  • Mali
  • Monaco
  • Mozambique
  • Myanmar (Burma)
  • Namibia
  • New Zealand
  • Nicaragua
  • Niger
  • North Korea
  • People's Republic of China
  • Poland
  • Russia
  • Singapore
  • Somalia
  • South Sudan
  • Spain
  • Sudan
  • Switzerland
  • Syria
  • Taiwan
  • Thailand
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Yemen
  • Zimbabwe

See also

References

  1. ↑ "Kalshi". Built in NYC. https://www.builtinnyc.com/company/kalshi/offices. 
  2. ↑ Learner, Sam (December 19, 2025). "Prediction markets barely make money; sportsbooks make money". Financial Times. https://www.ft.com/content/1ac03f57-bd5d-4196-85ff-4bd96dc69e0d. 
  3. ↑ Lobo, Rhea (2026-01-07). "Kalshi's Claim of $100 Billion Annualized Volume Met with Doubt" (in en-US). https://www.gamblinginsider.com/news/101497/kalshi-claim-100-billion-annualized-volume-met-with-doubt. 
  4. ↑ O'Boyle, Daniel (9 January 2026). "Kalshi Fee Revenue In 2025 Was $263.5 Million, With 89% Coming From Sports". https://finance.yahoo.com/news/kalshi-fee-revenue-2025-263-145801350.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKnX9YqS51JeY0fXJ3wMKEVZK8Hk4wYg5gVT8CDzQx7vHaixV9cm8ttDTbN7de0ZBYfeofx7sTi1ExE-tMolIH6AP-nCXxRaTSgGiXi9MuQxzPa2xOdEgSrUnXD_-NOd2GPZ8Jr-DqFq1ONZ7MXLBV-KoVsL18oUGworDlqv4NdO. 
  5. ↑ Lobo, Rhea (2026-01-07). "Kalshi’s Claim of $100 Billion Annualized Volume Met with Doubt" (in en-US). https://www.gamblinginsider.com/news/101497/kalshi-claim-100-billion-annualized-volume-met-with-doubt. 
  6. ↑ Funt, Danny (2025-12-12). "America's Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks. 
  7. ↑ Warzel, Charlie (2026-03-05). "The Central Lie of Prediction Markets" (in en). https://www.theatlantic.com/technology/2026/03/central-lie-prediction-markets/686250/. 
  8. ↑ Funt, Danny (2025-12-12). "America’s Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks. 
  9. ↑ "Kalshi flags more insider trading cases, including politician who appeared on FBoy Island" (in en). https://www.coindesk.com/policy/2026/04/22/kalshi-flags-more-insider-trading-cases-including-politician-who-appeared-on-fboy-island. 
  10. ↑ Miller, Alex (2026-05-01). "Senate quietly bans lawmakers from betting on prediction markets" (in en-US). https://www.foxnews.com/politics/senate-quietly-bans-lawmakers-betting-prediction-markets. 
  11. ↑ Sides, John (2025). "The perils of election prediction markets" (in en-US). https://goodauthority.org/news/the-perils-of-election-prediction-markets/. 
  12. ↑ "Why Almost Everyone Loses—Except a Few Sharks—on Prediction Markets" (in en-US). 2026-05-04. https://www.wsj.com/finance/investing/polymarket-kalshi-betting-profits-prediction-markets-eb23ac11. 
  13. ↑ "Kalshi". https://www.forbes.com/profile/kalshi/. 
  14. ↑ Scola, Nancy (November 4, 2022). "Could Gambling on Elections Be 'Bigger Than Sports Betting'? A Trading Startup Shoots Its Shot". https://www.theinformation.com/articles/could-gambling-on-elections-be-bigger-than-sports-betting-a-trading-startup-shoots-its-shot. 
  15. ↑ Vaughan, Liam; Bain, Benjamin (May 26, 2022). "A New Prediction Market Lets Investors Bet Big on Almost Anything". Bloomberg.com. https://www.bloomberg.com/news/features/2022-05-26/kalshi-s-stock-market-of-the-world-let-s-you-bet-on-anything. 
  16. ↑ Wilson, Alexandra. "By the Numbers: Meet the Forbes under 30 Class of 2022". https://www.forbes.com/sites/alexandrawilson1/2021/12/01/by-the-numbers-meet-the-forbes-30-under-30-class-of-2022/. 
  17. ↑ Wilson, Alexandra. "Tarek Mansour, 25, Cofounder & CEO, Kalshi – 2021-12-01 – 2022 30 Under 30: The Standouts". https://www.forbes.com/pictures/61a641932f1949817a03d8ca/tarek-mansour-25-cofounde/. 
  18. ↑ Kauflin, Jeff. "From Fintech's Top Founders To Wall Street's Best Dealmakers: 30 Under 30 Finance 2022". https://www.forbes.com/sites/jeffkauflin/2021/12/01/from-fintechs-crypto-top-founders-to-wall-streets-best-dealmakers-30-under-30-finance-2022/. 
  19. ↑ Pound, Jesse (December 29, 2021). "This new exchange lets investors vote yes or no on major events to hedge their portfolios". https://www.cnbc.com/2021/12/29/this-new-exchange-lets-investors-vote-yes-or-no-on-major-events-to-hedge-their-portfolios.html. 
  20. ↑ "Notice of Affiliate Entity Member". 2021-09-21. https://kalshi-public-docs.s3.amazonaws.com/regulatory/notices/emergency_rule_filing_v2_2021.09.21.pdf. 
  21. ↑ "Will prediction markets live up to the hype?". The Economist. February 19, 2022. ISSN 0013-0613. https://www.economist.com/finance-and-economics/2022/02/19/will-prediction-markets-live-up-to-the-hype. 
  22. ↑ Beyoud, Lydia (April 20, 2023). "The Startup That Lets Hedge Funds Bet Millions on Real-Life Events". Bloomberg.com. https://www.bloomberg.com/news/articles/2023-04-20/hedge-funds-are-wooed-by-startup-to-bet-millions-on-real-events. 
  23. ↑ 23.0 23.1 23.2 Blackburn, Piper Hudspeth (October 2, 2024). "Federal appeals court allows prediction market Kalshi to offer US election betting". https://edition.cnn.com/2024/10/02/business/appeals-court-allows-kalshi-election-betting/index.html. 
  24. ↑ Harty, Declan; Warmbrodt, Zachary (June 30, 2023). "A political betting revival?". https://www.politico.com/newsletters/morning-money/2023/06/30/a-political-betting-revival-00104355. 
  25. ↑ Beyoud, Lydia (June 16, 2023). "Hedge Funds Could Bet $100 Million on US Election in Kalshi Plan". Bloomberg.com. https://www.bloomberg.com/news/articles/2023-06-16/hedge-funds-could-bet-100-million-on-us-election-in-kalshi-plan. 
  26. ↑ Matthews, Laura (September 22, 2023). "CFTC rejects derivatives contracts 'gambling' on US congressional control". https://www.reuters.com/article/idUSL1N3AY1X7/. 
  27. ↑ Harty, Declan. "POLITICO Pro: Kalshi sues CFTC over election betting bid denial". https://subscriber.politicopro.com/article/2023/11/kalshi-sues-cftc-over-election-betting-bid-denial-00124658. 
  28. ↑ Harty, Declan (October 2, 2024). "Political bettors hit the jackpot as court clears election markets for comeback". Politico. https://www.politico.com/news/2024/10/02/election-betting-markets-00182165. 
  29. ↑ 29.0 29.1 Matthews, Laura (October 2, 2024). "US appeals Court Clears Kalshi to Restart Elections Betting". Reuters. https://www.reuters.com/legal/us-federal-court-upholds-ruling-letting-kalshiex-list-election-betting-contracts-2024-10-02/. 
  30. ↑ Mangan, Dan (October 2, 2024). "Kalshi Resumes Taking Bets on U.S. Election after Appeals Court Lifts Freeze". https://www.cnbc.com/2024/10/02/bets-on-congressional-races-allowed-cftc-appeals-court.html. 
  31. ↑ Ashraf, Aoyon. "Robinhood Partners With Kalshi to Launch NFL and College Football Prediction Markets". Yahoo Finance. https://sg.finance.yahoo.com/news/robinhood-partners-kalshi-launch-nfl-155902168.html. 
  32. ↑ "Kalshi to become CNN's official prediction market partner". https://news.kalshi.com/p/kalshi-cnn-prediction-market-partnership. 
  33. ↑ 33.0 33.1 Monica, Paul R. La. "Will the Supreme Court Scrap Trump's Tariffs? Here's What Betting Markets Say." (in en-us). https://www.barrons.com/articles/betting-markets-supreme-court-tariffs-1ba90930. 
  34. ↑ "CNBC News Releases CNBC and Kalshi Strike Exclusive Partnership". December 4, 2025. https://www.cnbc.com/2025/12/04/cnbc-and-kalshi-strike-exclusive-partnership.html. 
  35. ↑ Sadowski, Jathan (11 December 2025). "The Kalshi-fication of everything". Fast Company. https://www.fastcompany.com/91457404/kalshi-betting-gambling-polymarket. 
  36. ↑ "Prediction market Kalshi raises $1 billion at double its December valuation: Bloomberg" (in en). https://www.coindesk.com/business/2026/03/20/kalshi-valuation-doubles-to-usd22-billion-in-latest-funding-round-bloomberg. 
  37. ↑ Davis, Dominic-Madori (2026-05-07). "Kalshi doubles valuation in 5 months, hitting $22B" (in en-US). https://techcrunch.com/2026/05/07/kalshi-doubles-valuation-in-5-months-hitting-22-billion/. 
  38. ↑ Davies, Rachael (September 22, 2025). "Kalshi backtracks on student ambassador program after backlash". https://readwrite.com/kalshi-backtracks-on-student-ambassador-program-after-backlash/. 
  39. ↑ Willis, Jay (September 6, 2025). "Kalshi found a backdoor to sports gambling, and is throwing it open to everyone". Fast Company. https://www.fastcompany.com/91399289/kalshi-prediction-markets-sports-gambling. 
  40. ↑ Cohen, Marshall; Buchwald, Elisabeth (2026-05-28). "‘The ads got to me’: College-age adults are rushing to prediction market sites. Addiction experts are alarmed | CNN Business" (in en). https://www.cnn.com/2026/05/28/economy/prediction-markets-kalshi-young-adults. 
  41. ↑ Johnson, Adam (2025-12-05). "CNN partners with Kalshi, a gambling app that lets you wager on starvation in Gaza" (in en-US). https://therealnews.com/cnn-partners-kalshi-gambling-app-starvation-gaza. ""Will the IPC classify Gaza as experiencing famine this year?" read the wager from this past summer. The bet was eventually settled in the affirmative after the Integrated Food Security Phase Classification (IPC) did indeed declare famine in Gaza on Aug. 22." 
  42. ↑ "US-Medien / CNN-Zuschauer können künftig während Nachrichtensendungen auf Kriegsereignisse wetten" (in de-DE). https://www.tageblatt.lu/headlines/cnn-zuschauer-koennen-kuenftig-waehrend-nachrichtensendungen-auf-kriegsereignisse-wetten/. 
  43. ↑ Parmar, Tekendra (2025-12-29). "These Apps Let You Bet on Deportations and Famine. Mainstream Media Is Eating It Up." (in en-US). https://theintercept.com/2025/12/29/polymarket-kalshi-betting-prediction-cnn-news-media/. 
  44. ↑ Hamadeh, Abe (2025-12-16). "Congressman Hamadeh Demands Answers from Commodity Futures Trading Commission Regarding CNN/Kalshi Partnership" (in en). http://hamadeh.house.gov/media/press-releases/congressman-hamadeh-demands-answers-commodity-futures-trading-commission. 
  45. ↑ Funt, Danny (2025-12-12). "America's Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks. Retrieved 2026-01-03. 
  46. ↑ Sides, John (2025). "The perils of election prediction markets" (in en-US). https://goodauthority.org/news/the-perils-of-election-prediction-markets/. 
  47. ↑ Sutton, Sam; Warmbrodt, Zachary (August 2, 2023). "The downgrade: Does it matter?". https://www.politico.com/newsletters/morning-money/2023/08/02/the-downgrade-does-it-matter-00109336. 
  48. ↑ Lobo, Rhea (2026-01-07). "Polymarket Withholds Millions as Venezuela Invasion Market Remains Unsettled" (in en-US). https://www.gamblinginsider.com/news/101486/polymarket-venezuela-invasion-market-remains-unsettled. 
  49. ↑ "The chaotic Kalshi ad during the NBA Finals was made with AI for $2,000. The guy behind the clip shared how he made it." (in en-US). 2025-06-13. https://www.yahoo.com/entertainment/articles/chaotic-kalshi-ad-during-nba-173937071.html. 
  50. ↑ Chappell, Bill (2025-06-23). "An AI video ad is making a splash. Is it the future of advertising?" (in en). NPR. https://www.npr.org/2025/06/23/nx-s1-5432712/ai-video-ad-kalshi-advertising-nba-finals. 
  51. ↑ Silberling, Amanda (25 February 2026). "Kalshi fined a MrBeast editor for insider trading on markets related to the YouTube star". https://techcrunch.com/2026/02/25/kalshi-fined-a-mrbeast-editor-for-insider-trading-on-markets-related-to-the-youtube-star/. 
  52. ↑ Allyn, Bobby (25 February 2026). "Kalshi reveals insider trading case against editor for MrBeast" (in en). https://www.npr.org/2026/02/25/nx-s1-5726050/kalshi-insider-trading-enforcement-actions. 
  53. ↑ Davis, Sarah (February 26, 2026). "Kalshi accuses MrBeast video editor of insider trading". https://thehill.com/business/5756511-mrbeast-editor-fined-insider-trading-kalshi/. 
  54. ↑ Albert, Brian Schwartz and Victoria (2026-04-22). "Predictions Marketplace Fines Three Candidates for ‘Political Insider Trading’" (in en-US). https://www.wsj.com/politics/policy/predictions-marketplace-fines-three-candidates-for-political-insider-trading-9ba1759c. 
  55. ↑ "Bettors wagered $54 million on Khamenei's death. Now they're not getting paid." (in en-US). The Washington Post. 2026-03-04. ISSN 0190-8286. https://www.washingtonpost.com/technology/2026/03/04/kalshi-khamenei-bet-controversy/. 
  56. ↑ "Minutes before Trump's announcement, $800 million in trades made on oil prices" (in en-US). 9news. 2026-03-24. https://www.9news.com.au/world/donald-trump-iran-updates-oil-futures-trade-suspicious-betting-activity-usa-world-news/1061ef6b-5fef-401c-b469-98016ccdb9c3. 
  57. ↑ Stacey, Stephanie; Roeder, Oliver (2026-03-17). "Arizona indicts prediction market Kalshi for running illegal gambling operation" (in en). https://www.ft.com/content/102e4be0-4ae7-4a27-8104-a66478f65881. 
  58. ↑ Li, David (2026-03-17). "Arizona files criminal charges against Kalshi, accusing prediction market of illegal gambling" (in en). https://www.nbcnews.com/news/us-news/arizona-files-criminal-charges-kalshi-accusing-prediction-market-illeg-rcna263936. 
  59. ↑ "Arizona sues Kalshi for allegedly allowing bets on state elections" (in en-US). 2026-03-17. https://www.fox10phoenix.com/news/arizona-ag-accuses-prediction-market-kalshi-betting-state-elections. 
  60. ↑ "AG Campbell Sues Online Prediction Market for Illegal and Unsafe Sports Wagering Operations". Mass.gov. https://www.mass.gov/news/ag-campbell-sues-online-prediction-market-for-illegal-and-unsafe-sports-wagering-operations. 
  61. ↑ Campbell, Andrea Joy (January 23, 2026). "AG Campbell Secures Court Order that Will Block Kalshi From Offering Unlawful Sports Wagers in Massachusetts" (in en). Office of Attorney General Andrea Joy Campbell. https://www.mass.gov/news/ag-campbell-secures-court-order-that-will-block-kalshi-from-offering-unlawful-sports-wagers-in-massachusetts. 
  62. ↑ "COMPLAINT FOR PERMANENT INJUNCTION AND TO ABATE NUISANCE". https://www.michigan.gov/ag/-/media/Project/Websites/AG/releases/2026/March/Kalshi-Complaint.pdf. 
  63. ↑ 63.0 63.1 Press, Janelle D. James, Associated (2026-03-05). "Michigan sues prediction market Kalshi, alleging illegal sports betting" (in en-US). https://bridgemi.com/michigan-government/michigan-sues-prediction-market-kalshi-alleging-illegal-sports-betting/. 
  64. ↑ Allyn, Bobby (2026-05-19). "Minnesota becomes first state to ban prediction markets" (in en). NPR. https://www.npr.org/2026/05/19/nx-s1-5821265/minnesota-ban-prediction-markets. 
  65. ↑ 65.0 65.1 Pereira, Ivan. "Federal government sues Minnesota over prediction market ban" (in en-US). ABC News. https://abcnews.com/US/federal-government-sues-minnesota-prediction-market-ban/story?id=133151891. 
  66. ↑ Knibbs, Kate. "Kalshi Has Been Temporarily Banned in Nevada" (in en-US). Wired. ISSN 1059-1028. https://www.wired.com/story/nevada-bans-kalshi-prediction-market/. 
  67. ↑ Capewell, Charlotte (November 28, 2025). "Kalshi Faces Class Action over Alleged Unlicensed Sports Betting". Covers.com. https://www.covers.com/industry/kalshi-faces-class-action-over-alleged-unlicensed-sports-betting-nov-28-2025. 
  68. ↑ "Ohio judge rules that Kalshi is sports betting and must adhere to state law" (in en). 2026-03-10. https://www.nbcnews.com/news/us-news/ohio-judge-rules-kalshi-sports-betting-must-adhere-state-law-rcna262721. 
  69. ↑ Vasilev, Chavdar (2026-03-10). "Ohio Judge Denies Kalshi Injunction, Creating Sixth Circuit Split Over Sports Event Contracts" (in en-US). https://www.gamblinginsider.com/news/117023/kalshi-ohio-injunction-sixth-circuit-split-jpg. 
  70. ↑ "Washington sues online betting platform Kalshi for illegal gambling" (in en-US). https://www.atg.wa.gov/news/news-releases/washington-sues-online-betting-platform-kalshi-illegal-gambling. 
  71. ↑ Beck, Molly. "AG Kaul suing prediction market titans Kalshi, Coinbase and others" (in en-US). https://www.jsonline.com/story/news/politics/2026/04/23/wisconsin-suing-prediction-market-titans-kalshi-coinbase-polymarket/89749918007/. 
  72. ↑ Schmitz, Zachary M.; Kennedy, Carl E.. "Doubling Down- CFTC Sues New York and Files Amicus in Massachusetts in Support of Prediction Markets" (in en). The National Law Review. https://natlawreview.com/article/doubling-down-cftc-sues-new-york-and-files-amicus-massachusetts-support-prediction. 
  73. ↑ Edwards, Brian (2025-07-23). "California tribes sue Kalshi and Robinhood over sports betting on reservation lands" (in en-GB). https://tribalbusinessnews.com/sections/gaming/15223-california-tribes-sue-kalshi-and-robinhood-over-sports-betting-on-reservation-lands. 
  74. ↑ Lehr, Sarah (2025-09-02). "Lawsuit from Ho-Chunk Nation accuses online platform of illegal sports betting in Wisconsin" (in en-US). https://www.wpr.org/social-issues/native-american/lawsuit-ho-chunk-nation-kalshi-illegal-sports-betting-wisconsin. 
  75. ↑ 75.0 75.1 "CFTC Sues Wisconsin to Reaffirm its Exclusive Jurisdiction Over Prediction Markets | CFTC" (in en). https://www.cftc.gov/PressRoom/PressReleases/9220-26. 
  76. ↑ Planas, Roque (2026-05-27). "‘Scum’: Trump attacks US states’ efforts to regulate prediction markets" (in en). the Guardian. https://www.theguardian.com/us-news/2026/may/26/trump-prediction-markets-kalshi-polymarket. 
  77. ↑ Kalshi, Where is. "Where is Kalshi? | Prediction Market Availability by Country" (in en). https://where.kalshi.rocks/. 
  78. ↑ Kuhn, Daniel. "Brazil blocks Kalshi, Polymarket in sweeping ban citing investor protections" (in en). https://www.theblock.co/post/398870/brazil-blocks-kalshi-polymarket-sweeping-ban-investor-protections. 
  79. ↑ Shukla, Sidhartha (2026-05-18). "Kalshi, Polymarket defy India ban on online betting platforms". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/news/india/kalshi-polymarket-defy-india-ban-on-online-betting-platforms/articleshow/131173694.cms?from=mdr. 
  80. ↑ Orru, Mauro (2026-05-26). "Polymarket, Kalshi Face Spanish Ban" (in en-US). https://www.wsj.com/business/media/polymarket-kalshi-face-spanish-ban-43986e08. 
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