"Recent reports have found that sports wagers accounted for over 85% of all bets on Kalshi and that, during one four-day stretch, the platform made $25 million in fee revenue from March Madness alone."
"Judges in at least three states have agreed with the argument that Kalshi is running an unlicensed gambling operation, while others have sided with Kalshi, stating its sports wagers are a unique type of contract allowed by federal law."
"If another appeals court rules against Kalshi, the issue will be teed up for the Supreme Court by next year, according to gaming industry lawyers, who believe this is a likely outcome."
"The legal scuffles have also prompted members of Congress to take sides in a fight that will decide not just the fate of the upstart prediction market industry, but the future of gambling in America."
Kalshi and Polymarket, prediction markets, primarily operate as sports betting platforms, with sports wagers constituting over 85% of their bets. Legal challenges from state governments and Native American tribes claim Kalshi is unlicensed for gambling. Some judges have sided with Kalshi, while others have not. A recent federal appeals court ruling favored Kalshi, but ongoing appeals may lead to a Supreme Court decision. The outcome will significantly impact the prediction market industry and the future of gambling in the U.S.
Read at Fortune
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