Utah's Attorney General has filed felony charges against prediction market platform Kalshi and its founders, citing violations of the state's gambling laws. Kalshi plans to contest the charges, as it did in Arizona.
The National Basketball Association has partnered with prediction markets Kalshi and Polymarket, launching an integrity framework and gaining regulatory oversight.
Former Arkansas senator Blanche Lincoln, who once opposed prediction markets, is now lobbying for Kalshi, a leading prediction market firm. Kalshi has paid Lincoln $480,000 since 2024.
Kalshi, a prediction market platform, is under fire for alleged wash trading in its cryptocurrency markets. The company denies the accusations, but industry observers remain skeptical.
Kalshi has suspended its player injury markets after the CFTC raised concerns about potential market manipulation. The platform had previously offered markets on athletes like Luka Dončić and Anthony Edwards.
New Jersey is asking the Supreme Court to decide if states can regulate sports contracts offered on markets registered with the CFTC. The dispute involves companies like Kalshi, which claim to offer legal sports betting nationwide but refuse to follow state gambling laws.
Kalshi has issued a permanent ban to former US Congressman George Santos for insider trading, along with a hefty fine. Santos has responded with threats.
The legality of prediction markets is heading to the Supreme Court, with a ruling expected by June 2024. The industry has been locked in legal battles over the last two years with gaming regulators in both state and federal courts.
Kalshi has inked multi-year brand partnerships with five MLB teams, including the Atlanta Braves and Boston Red Sox, despite ongoing legal disputes.
Polymarket is introducing parlays to its prediction market platform ahead of the NFL season, following the success of similar offerings by Kalshi. The move comes as Polymarket's sports event contracts account for 99% of its exchange volume.
The city of Baltimore has taken legal action against prediction markets Kalshi and Polymarket, accusing them of facilitating unlawful gambling. The platforms are also facing legal challenges in other states.
Genius Sports has partnered with Kalshi to provide prediction market services, including high-quality, real-time data across major soccer leagues. The partnership aims to enhance the integrity and transparency of sports trades.
A federal judge has temporarily halted Minnesota's ban on prediction markets, siding with platforms Kalshi and Polymarket. The judge ruled that federal regulation likely preempts state gaming laws in many respects.
Congressmen Steven Horsford and Mark Amodei introduce a bill to ban prediction markets, arguing they exploit loopholes and should follow state gaming laws. The move deepens the clash between regulators and prediction market operators.