Kalshi is a US event-contract exchange regulated by the Commodity Futures Trading Commission, offering prediction markets on real-world outcomes. Its expansion into sports event contracts has drawn challenges from several state gaming regulators.
New Jersey's total gaming revenue fell 4.1% to $615.7m as eight of nine casino floors lost ground and a late football calendar cut sports betting revenue to $61.4m. Online casino rose 4.4% to $259.3m but came off July's record, and for a second month the floor out-earned the internet. The summer as a whole was the resort's best in ten years.
Catherine Hanaway says sports contracts "fit four square the definition of gambling in Missouri", that they siphon money from sportsbooks that pay the state's tax, and that what she wants is an agreement putting the exchanges under Missouri gaming law and taxing them. If there is no agreement she will sue; she expects them to sue her first.
A concrete recycler's tower beside I-94 has been painted Polymarket blue and lettered with the platform's name. The city says adverts on water towers need a permit, there is none on file, and its buildings department is sending an inspector out with a "possible correction order". The stunt lands in the one state where Polymarket has already lost in federal court and its rival Kalshi is under a state injunction.
The 9 September order from the Department of Consumer Protection told Underdog to stop advertising and offering sports event contracts and to let residents withdraw. Underdog's answer, filed in federal court on Tuesday, is the same one it gave Ohio, Massachusetts, Wisconsin, New Mexico and Washington: the CFTC has "exclusive jurisdiction" over a designated contract market, so the state's action is "meritless".
The site compares equivalent contracts across Kalshi, Polymarket, Novig, Underdog, FanDuel Predicts, Fanatics and five others, with a cross-venue engine for multi-leg positions and Genius's live game data underneath. It runs on Legend, the media business whose $1.2bn purchase in February sank the shares. Mark Locke says most prediction-market demand "appears new".
Viewers who link a FanDuel account will see their live bets, win probabilities and settled legs on the broadcast; everyone else gets a rotating feed of lines, totals and parlays. No wagering on the platform. It is the NBA integration moved to the most-watched Thursday package in the NFL's history, and Flutter has already said what the basketball version did for its parlay mix.
The Ohio Casino Control Commission's June resignation letter surfaced at a Massachusetts Gaming Commission meeting last week, where commissioners decided to stay "for now". The national problem-gambling body says taking Kalshi's money is not an endorsement. Three state bodies have decided it is.
The Protect College Sports Act cleared cloture 74-24 the same afternoon the CLARITY Act died. Buried in the committee-reported text is a line that lets conferences bench a student athlete for "sports wagering activities or sports-related event contracts", the first federal bill we have seen headed for a floor vote that puts the two in the same sentence.
A second unanimous panel in three weeks has ruled against the exchange, this time for two California tribes under the Indian Gaming Regulatory Act. The court held that IGRA and the Commodity Exchange Act "simply address two different questions", and sent the case back for an injunction. Lawyers on the tribal side are already talking about geofencing reservations.
Judge Lorna Schofield heard the commission argue that the Commodity Exchange Act pre-empts New York's $3.4 billion gambling case against Coinbase and Gemini, and pressed its lawyers on why she should enjoin the state when other federal courts have declined to. She did not rule from the bench.
A state that bans sports betting and casinos spent Tuesday studying "the sudden inundation of prediction market gambling". The casino lobby told senators to sue in state court; Kalshi told them a ban would send Texans offshore. The session that could act on it opens on 12 January.
Cloture on the crypto market-structure bill needed 60 votes and got 49, all Republican. Four Republicans voted no, tribal gaming is calling it a victory for sovereignty, and the argument over who regulates sports event contracts goes back to the courts and the CFTC.
Nevada's win against sports event contracts is stayed while the full court decides whether to rehear it, so Arizona, Montana and California cannot enforce, Nevada and Washington do so through state courts, and the Supreme Court's conference is on 28 September.
Two consecutive daily records, parlays over half of everything, a $56m Cowboys-Giants market and pricing that Citizens says beat FanDuel and DraftKings on straight bets. The volume figure counts both sides of every trade.
The "world's largest" online casino has shut its whole site to Irish users and says it will apply for a licence, while the regulator says two prediction markets and a major platform have geo-blocked and deposits are being refunded.
The federal regulator moved for a preliminary injunction on 11 September, with Robinhood pressing to join the case and Crypto.com taking the Nevada question to the Supreme Court. Connecticut's responses are due on 2 October.
Attorney General Letitia James says the "free" sweeps coins were sold at about a dollar apiece from 2012 onwards. The settlement carries no admission of liability and lands as Florida pursues the same company in court.
The EU securities regulator's risk report finds the biggest platforms hold no EU authorisation, that binary-option rules bar retail sale where contracts are derivatives, and that platform surveillance arrives only after the profits are banked.
Senator Cynthia Lummis narrowed the bill's decentralised finance provisions specifically to answer tribal worries about prediction markets. The Indian Gaming Association says that misses the point: what it wants is text saying federal commodities law does not preempt tribal gaming law, and that exchanges cannot list contracts on sports or casino games.
The company has gone to federal court in Ohio, Massachusetts, Wisconsin, New Mexico and Washington, asking each to rule that state gambling law cannot reach a CFTC-regulated contract. It is the first prediction-market operator to sue pre-emptively across a whole group of states rather than wait to be sued.
The company says it does not believe the contracts break state law, and it has stopped offering them in Michigan anyway. In exchange the state has agreed not to enforce its sports betting laws against Robinhood while the appeals run. Its broader prediction markets hub stays open.
Told by regulators in Maryland, Massachusetts, Michigan, Mississippi, New Jersey, Ohio and Pennsylvania that it could not offer both, Underdog has chosen its CFTC-registered event contracts over the draft games that built the company. Drafts close in those states on Wednesday evening, after the NFL season kicks off.
The Nevada Gaming Control Board used its first meeting after the Ninth Circuit ruling to say sports event contracts are sports bets, full stop. Kalshi's co-founder says the company will keep arguing for a single federal regulator, and New Jersey has now asked the Supreme Court to settle it.
HB 5811 would strike the exchange wager tax Illinois enacted in its budget less than three months ago, along with the definition that brought prediction markets inside the Sports Wagering Act. The tax is already being challenged in court by Kalshi and the Commodity Futures Trading Commission, and the bill would not end that fight.