Gambling Is Not Investing targets sports prediction platforms

"By disguising themselves as financial markets, prediction markets are offering unsafe and unregulated sports betting products to consumers across the country, trampling over state laws, age restrictions and tax rules. It's time to make it clear. Gambling is not investing."

"Gambling products - regardless of what you call them - must follow established state and tribal laws. Rebranding sports wagering as 'trading' or 'investing' or 'predicting' misleads consumers, undermines responsible gaming protections, and weakens the state and tribal systems built to protect the public and fund."

"Companies such as Kalshi describe these products as trading or investing. The coalition argues that, in practice, most of the activity looks and feels like sports betting. Citing the New York Times, the group claims that Kalshi makes about 90% of its trading volume via sports events."

Gambling is Not Investing, a newly formed coalition led by former Congressman Mick Mulvaney, launched in March 2026 to challenge prediction market platforms that operate as sports betting services while claiming to be financial exchanges. The coalition argues that platforms like Kalshi circumvent state and tribal gaming laws by rebranding gambling as trading or investing. With approximately 90% of Kalshi's trading volume tied to sports events, the coalition contends these platforms evade licensing requirements, age verification, tax obligations, and responsible gaming standards that regulated sportsbooks must follow. The organization demands consistent enforcement of existing state and tribal gaming laws to protect consumers and maintain established regulatory frameworks.

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