Kalshi is a US prediction market exchange on which members trade on the outcomes of real world events such as interest rate decisions, elections, sports and weather. It is regulated by the Commodity Futures Trading Commission and describes itself as the first federally regulated exchange for trading on future events. The company earns a fee on every trade and says it does not trade against customers, sell their orders or limit customers for winning, and that it monitors markets for insider trading and keeps minors off the platform. Its markets span politics, sports, culture, crypto, commodities, climate, economics, finance and technology, and its products include Kalshi Pro, perpetual futures, an API for developers and services for institutions. Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara who met at the Massachusetts Institute of Technology.
Sportradar credited "significant contributions" from prediction markets in a quarter that also carried a full three months of IMG Arena and a World Cup. It put a little over €60 million a year on its exposure to Brazil, and declined to size the newer business.
Letitia James has not filed a new advertising suit: she wants a state court to enforce a fraud-inquiry subpoena. Kalshi wants a federal judge to stop it as disguised discovery in her gambling case.
A federal appeals panel took hours to deny Kalshi and Coinbase protection from New York and Connecticut while their appeals run. The order gives no reasons and decides only interim relief, although two judges voiced doubts about the swaps theory in court.
The NCAA will report people who abuse college athletes online to a shared programme that sportsbooks and prediction exchanges can use to close their accounts. It is the first sport governing body to say so publicly, and it moves the fight over bettor harassment from campaigns to account enforcement.
Australia's financial regulator has told platforms that a retail prediction market is unlikely to pass its public interest test for a market licence. Offshore users and the licensees who route them there have been put on notice.
A Chicago federal judge has barred Illinois from licensing, taxing or prosecuting CFTC-regulated exchanges over sports event contracts, and the state appealed the same day. The tax question left open in October closed because Illinois agreed its levy reaches only licensees.
DraftKings, FanDuel and Fanatics have pulled sports contracts from Utah since the state charged Kalshi and its founders, and Fanatics is leaving altogether. The federal bid to stop the prosecution goes before the judge who has already ruled that Utah's gambling laws apply to Kalshi.
Two senators, one from each party, have asked the two largest US prediction markets to show how they keep insiders and manipulators out of election contracts, with answers due on the day of the midterms. The letter argues that catching a handful of candidates is not proof the markets are protected.
Coinbase has told investors that prediction markets are one of the fastest growing products in its history, with annualised revenue above $200 million in the third quarter. It says it is building its own clearing for the product, and its results say nothing about the states pressing it over sports contracts.
Spain's gambling regulator used a cryptocurrency conference to restate that a prediction market offering gambling needs a Spanish licence. It gave no update on the case opened against Polymarket and Kalshi in May, which the ministry expected to take three to four months.
Kalshi has almost doubled its valuation in under six months with a $1 billion Series G co-led by Wellington and Sequoia. The round was announced a day after Utah filed felony charges against the exchange and both co-founders, and the company's pitch to investors leans on its business beyond sport.
Polymarket US has become the fourth prediction market to stand down on sports in Michigan, under a stipulation approved in the federal court that refused it an injunction in June. It is conceding a state where its appeal sits before the circuit that has already ruled against Kalshi, while it carries its fight to Ohio and Louisiana.
Utah's attorney general has charged Kalshi and co-founders Tarek Mansour and Luana Lopes Lara with felony gambling offences built on 12 sports wagers placed by an undercover agent. The criminal case arrives two days after the CFTC sued Utah to stop its civil action against the exchange.
Seven weeks after it began routing football contracts to Crypto.com's exchange, Robinhood has told investors that the exchange will become its main second venue behind Rothera and that it will move off "most of our competitors". It owns a stake in both venues, and the Crypto.com exchange is the one suing Missouri and Utah.
Kalshi has sued Missouri, Polymarket has sued Louisiana and Crypto.com's exchange has sued Utah, all in federal court and none of them yet the target of a state lawsuit. The filings are a race for the forum, because once a state sues first in its own courts, pre-emption becomes a defence rather than a route into federal court.
The federal regulator has asked a Utah federal court to halt the state's gambling case against Kalshi and bar any future action against CFTC-registered exchanges. It is suing in a district that granted Utah summary judgment on the same question in August.
Kalshi has asked a federal court in Louisiana to bar the state from enforcing its gambling laws against its sports contracts, although Louisiana has brought no case against it. The suit targets the enforcement powers that took effect on 1 August, and it opens the prediction market fight in the Fifth Circuit.
Days after tightening its sportsbook menu, the NBA has signed up Kalshi and Polymarket as preferred exchanges and DraftKings as an authorised operator. The memorandum it signed with the federal regulator alongside them is a statement of intent, and says so.
New York's gambling regulator wants a Manhattan court to make Kalshi hand over records on its sports contracts, under-21 users and advertising, saying it needs them to decide on civil penalties. It is a second state route to a penalty alongside the attorney general's $36 billion suit, and it seeks documents, not a halt to trading.
Kalshi has started listing contracts on industry-wide indices of card spending, point-of-sale sales and app downloads, all settled on figures from the data company Carbon Arc. The same vendor already settles Kalshi markets on sportsbook and casino advertising and on DraftKings and FanDuel downloads, and its numbers appear to sit outside the test the SEC used on 13 October to class Cboe's KPI options as securities.
A one-page memo from Defense Secretary Pete Hegseth tells service members and civilians that trading on nonpublic information, classified or not, can bring discipline or prosecution, and calls their bets a signal enemies can read. As reported, it stops short of the ban on military-event trading that lawmakers asked for in May.
Football lifted sportsbook handle by 48% to 65% on August in all three states, and revenue recovered from August's low. Against September 2025 the picture splits: Michigan and Pennsylvania revenue rose sharply on better results, New Jersey's fell 14.3%, and only Michigan took more bets than a year earlier.
A Citrin-POLITICO poll finds 50% of registered voters in favour of legal sports betting at tribal casinos, four years after a tribal in-person measure won 33% of the vote. Online betting still trails 37% to 50%, which is the part California's tribes now have to win in 2028.
The Commodity Futures Trading Commission has opened a false-certification proceeding against two ProphetX contracts on whether an NFL game produces a never-before-seen final score, and stayed them before they traded. It is the first stay of a sports event contract on the CFTC's 2026 filings record, and it turns on the same "economic consequence" test the agency says sports contracts pass.