Kalshi’s $22 billion problem

Kalshi and Polymarket Are Worried About Their Reputations

Prediction markets like Kalshi and Polymarket are growing like crazy and have the full support of federal regulators, but the general public still sees them as gambling. John Herrman offers an overview of the industry’s sudden reputational crisis.

Kalshi’s $22 billion problem

Grant Mainland had a tough day at the office earlier this week. A lawyer representing the prediction markets platform Kalshi, Mainland appeared before the Massachusetts Supreme Judicial Court on May 4 with an unenviable task: persuading the justices that a company that has literally advertised itself as the “first app for legal sports betting in all 50 states” is not, technically speaking, offering people the opportunity to bet on sports. Mainla…

Fourth Circuit Panel Signals Doubts on Kalshi’s Injunction Request in Maryland

A three-member panel of the United States Fourth Circuit Court of Appeals seemed skeptical on Thursday of Kalshi’s arguments that its designated contract markets related to sporting events are subject to exclusive federal regulation and that Maryland authorities have overstepped limits on their power by attempting to curtail residents’ access to Kalshi’s prediction markets. While the judges also had poignant questions for counsel representing Ma…

Why Kalshi Gaming Is Stirring Controversy Among Young Adults and Regulators

Launched in 2018 by a group of MIT graduates, Kalshi has rapidly emerged as a $22 billion prediction market platform allowing users to wager on the outcome of real-world events. Unlike traditional gambling, Kalshi offers a novel approach, where users can buy ‘yes’ or ‘no’ contracts on various topics spanning politics, sports, and cultural events. These contracts typically range from 1 to 99 cents each, plus fees, creating an accessible entry poi…

Kalshi granted preliminary injunction in Arizona after initial denial

Kalshi received a favorable ruling in Arizona after a district court judge reversed a decision to deny the prediction market an injunction against the state’s attorney general. According to documents filed in the U.S. District Court for the District of Arizona, Kalshi has been granted a preliminary injunction in its legal dispute against Arizona Attorney General Kristin Mayes and the Arizona Department of Gaming (ADG). “Here, the court concludes…