All posts tagged: Kalshi

New Mexico sues Kalshi as tribes escalate sports betting fight

New Mexico sues Kalshi as tribes escalate sports betting fight

Published by skeptic

New Mexico Attorney General Raúl Torrez has filed suit against prediction market operator Kalshi, arguing the company is offering online sports betting in the state without the licenses required under New Mexico law.  The case, filed Thursday (June 4) in Santa Fe County’s First Judicial District Court, seeks an injunction preventing Kalshi from continuing to offer sports-event contracts to New Mexico residents. New Mexico goes 2 for 2 – sues Kalshi in state court and uses outside counsel + State AG. First state to do both. pic.twitter.com/AKZec0ET9w — Daniel Wallach (@WALLACHLEGAL) June 4, 2026 State lawyers contend that Kalshi’s sports contracts function the same way as traditional sports wagers and should be regulated under the state’s gaming framework. The complaint points to the company’s past marketing, including claims that it was “The First Nationwide Legal Sports Betting Platform” and offered “Sports Betting Legal in All 50 States on Kalshi.” “Despite looking like a sportsbook, acting like a sportsbook, and proverbially quacking like a sportsbook, neither Kalshi nor any of its subsidiaries have sought licensure from …

DOJ is investigating George Santos for insider trading on Kalshi : NPR

DOJ is investigating George Santos for insider trading on Kalshi : NPR

Published by Sam Flores

Former New York congressman George Santos is being investigated by federal regulators over his trading activity on the prediction market site Kalshi. Michael M. Santiago/Getty Images hide caption toggle caption Michael M. Santiago/Getty Images In February, four months after being released from federal prison, former Republican congressman George Santos took to social media to express his enthusiasm about attending President Trump’s upcoming State of the Union address. “I’m going to be there for the State of Union in the gallery, guys,” Santos said in a video he posted to X a day before the president’s remarks. At the time, traders on the prediction market site Kalshi were placing millions of dollars worth of bets on who would attend. Santos’ video confirming his presence sent odds soaring. But he didn’t show up. “Watching SOTU from an airport tv was not part of the plan! FML,” Santos wrote on X, using slang for a more coarse way of saying, “screw my life.” He posted the message as Trump was speaking, making those same odds in the Kalshi …

Kalshi launches regulated crypto perpetual futures as US oversight expands

Kalshi launches regulated crypto perpetual futures as US oversight expands

Published by skeptic

Kalshi is preparing to bring crypto perpetual futures to U.S. traders, making it the first company set to offer the product under Commodity Futures Trading Commission oversight. The move comes as federal regulators put in place a domestic framework for a category of crypto derivatives that has historically been concentrated on offshore platforms. Perpetual futures are finally coming to America. Trade on future asset prices with leverage in a regulated, institutional-grade environment. Only on Kalshi. pic.twitter.com/B3apmh0bDn — Kalshi (@Kalshi) May 29, 2026 The New York-based exchange said investors in the United States will soon be able to trade crypto perpetual futures through its platform. That announcement follows a May 29 CFTC order approving Kalshi’s bitcoin-linked perpetual futures contract, along with a policy statement explaining how similar products will be supervised going forward. Perpetual futures, often called perpetual contracts or “perps,” differ from traditional futures because they do not expire. Instead of relying on a settlement date, they use a recurring funding-rate mechanism intended to keep contract prices aligned with the underlying asset’s spot market. Kalshi …

Kalshi sues Minnesota over prediction markets felony ban before August

Kalshi sues Minnesota over prediction markets felony ban before August

Published by skeptic

Kalshi is asking a federal court to stop Minnesota from enforcing a new law that would make categories of prediction markets a felony offense. The lawsuit was filed Wednesday (May 27) in the U.S. District Court for the District of Minnesota and seeks emergency relief before the measure takes effect on August 1. The New York company runs a federally regulated derivatives exchange where customers buy and sell event contracts tied to real-world outcomes. Kalshi maintains those contracts are overseen by the Commodity Futures Trading Commission, or CFTC, and says state officials cannot ban activity that federal regulators permit. LATEST: #Kalshi sues Minnesota over felony ban targeting federally regulated prediction markets @RWW pic.twitter.com/8LbYumAB0Z — Suswati Basu (@suswatibasu) May 28, 2026 Named as defendants are Minnesota Attorney General Keith Ellison, Gov. Tim Walz, and Jon Anglin, who leads the state’s Alcohol and Gambling Enforcement Division. Kalshi wants the court to declare the law invalid as applied to its exchange and block enforcement of both the new measure and existing state gambling laws against the company. Kalshi …

Tribal coalition urges appeals court to reject Kalshi betting theory challenge in Tennessee

Tribal coalition urges appeals court to reject Kalshi betting theory challenge in Tennessee

Published by skeptic

A coalition of tribal organizations and federally recognized tribes is asking a federal appeals court to overturn a ruling that temporarily blocked Tennessee from enforcing its sports wagering laws against prediction market operator Kalshi. The filing, submitted Tuesday (May 26) to the U.S. Court of Appeals for the Sixth Circuit, backs Tennessee Attorney General Jonathan Skrmetti and state officials in their challenge to a preliminary injunction granted to Kalshi. Tribal groups argue the company’s legal position would weaken tribal sovereignty, disrupt long-standing gaming regulations, and erode revenue that supports tribal governments. NEW: More than 25 tribes and gaming groups urged a federal appeals court to overturn #Kalshi’s Tennessee injunction victory. @RWW pic.twitter.com/f9JYtqGkZc — Suswati Basu (@suswatibasu) May 28, 2026 The coalition includes more than 25 groups such as the Indian Gaming Association, the National Congress of American Indians, the United South and Eastern Tribes Sovereignty Protection Fund, regional tribal gaming groups, and tribes from across the country. On the same day, the American Gaming Association also filed its own supporting brief. Why the tribal coalition …

Kalshi launches political power index amid scrutiny over prediction markets

Kalshi launches political power index amid scrutiny over prediction markets

Published by skeptic

Kalshi has rolled out a new political benchmark that tries to capture the balance of power between Democrats and Republicans in a single number. The product, called the Kalshi American Power Index, or KPOW, is now available on the company’s platform. Kalshi says the index combines current political control with market expectations about where power is likely to move next, creating a continuously updated reading of the U.S. political landscape. The American Power Index (KPOW) is live. One number, oscillating between Republicans and Democrats throughout the endless contest for power. https://t.co/cVhkoEXsUo pic.twitter.com/xraY0UKQLs — Tarek Mansour (@mansourtarek_) May 28, 2026 Announcing the launch, founder and chief executive Tarek Mansour argued that the flood of political data has made it harder to understand the broader picture. “The American Power Index (KPOW) is live,” Mansour wrote in a social media post. “One number, oscillating between Republicans and Democrats throughout the endless contest for power.” How the Kalshi American Power Index works KPOW runs on a scale from +50D, representing the strongest Democratic position, to +50R, representing the strongest …

Kalshi and Arizona regulators seek paused appeal while Ninth Circuit weighs cases

Kalshi and Arizona regulators seek paused appeal while Ninth Circuit weighs cases

Published by skeptic

Kalshi and Arizona gaming regulators want the Ninth Circuit to slow down an appeal that could help define how far federal commodities law reaches into state gambling enforcement. In a joint filing submitted May 27, both sides asked the court to pause briefing while several related appeals already pending before the same circuit are decided. NEW: #Kalshi and Arizona regulators jointly seek pause in Ninth Circuit appeal pending rulings in related sports-event contract cases @RWW pic.twitter.com/C6hrbokC7o — Suswati Basu (@suswatibasu) May 27, 2026 The request follows oral arguments heard in April involving Kalshi, Robinhood Derivatives and North American Derivatives Exchange. These focus on whether the Commodity Exchange Act gives the Commodity Futures Trading Commission exclusive authority over event contracts offered through federally regulated exchanges. The parties told the court that any pending appeals “could bear on the questions at issue in this appeal” and argued that waiting for decisions would help produce briefs “that will be most useful to the Court.” Under the current schedule, Kalshi’s opening brief is due June 8. The proposed pause …

Bet on Basquiat and Monet with Kalshi

Bet on Basquiat and Monet with Kalshi

Published by Jenni Sidey

So-called prediction markets such as Kalshi and Polymarket—sites for online gambling, though the companies say they are a form of derivatives trading—have gamified modern life to a previously unforeseen degree. Users can bet not only on events bettors have traditionally gambled on, like sports, but also on bizarrely trivial matters like whether US president Donald Trump will use the expressions “big beautiful bill” or “rigged election” at the annual Thanksgiving turkey pardon. They can take a position on other seemingly comical but potentially hugely consequential outcomes too, like whether the US government will confirm the existence of alien life by the year 2027. On a darker note, some successful bets on life-and-death events such as war in Iran and the abduction of former Venezuelan president Nicolás Maduro have raised questions about whether bettors are trading on insider knowledge. Related Articles Now Kalshi has launched a new category that will let users bet on phenomena like the prices of individual artworks at auction as well as total sales values at particular art auctions. “The markets give …

Ho-Chunk Nation narrows Kalshi lawsuit in Wisconsin around tribal gaming law

Ho-Chunk Nation narrows Kalshi lawsuit in Wisconsin around tribal gaming law

Published by skeptic

The Ho-Chunk Nation is reworking its federal lawsuit against prediction market company Kalshi, shifting the case away from a general attack on sports wagering and toward a more focused dispute over tribal gaming law and advertising claims. In a filing submitted May 22 in the U.S. District Court for the Western District of Wisconsin and seen by ReadWrite, the tribe asked a judge for permission to amend its complaint after part of the original case was dismissed earlier this month. The revised complaint centers on the Indian Gaming Regulatory Act, or IGRA, which the tribe says provides clear legal authority showing Kalshi falsely promotes nationwide legal sports betting. The case has become one of several major legal fights surrounding prediction markets and sports-related event contracts. Kalshi has argued its products are regulated under federal commodities law through the Commodity Futures Trading Commission, while tribes and state regulators contend the offerings closely resemble sports gambling. Ho-Chunk Nation re-focuses legal dispute against Kalshi to tribal gaming law Earlier this month, the court dismissed the Ho-Chunk Nation’s original …

Comer launches Congress probe into insider trading on Kalshi, Polymarket

Comer launches Congress probe into insider trading on Kalshi, Polymarket

Published by Sam Flores

Rep. James Comer, R-Ky., chair of the House Oversight and Government Reform Committee, announced Friday on CNBC’s “Squawk Box” that he is seeking information from the CEOs of Kalshi and Polymarket on their efforts to prevent insider trading on their platforms. Comer’s probe is the latest in a series of congressional attempts to rein-in the platforms. “Internal records held by prediction market platforms are the only means by which bad actors can be identified and to determine whether platforms are meeting their legal obligations,” Comer wrote in a letter sent Friday to Polymarket CEO Shayne Coplan and seen by CNBC. A similar letter, also seen by CNBC, was sent Friday to Kalshi CEO Tarek Mansour. “Therefore, the Committee requests documents and information to better understand how Polymarket implements identity verification for domestic and international account holders, enforces geographic restrictions, and detects anomalous trading activity to prevent insider trading across its global platform,” Comer’s letter continues. Polymarket did not immediately respond to a request for comment. Elisabeth Diana, Kalshi’s head of communications, said in a statement …