"Kalshi is not a gambling site, Mansour says. It's a marketplace, one regulated by the Commodity Futures Trading Commission. It's also a startup, and securing that regulatory approval might be its most impressive innovation. Kalshi is allowed to operate in all 50 states, 20 more than allow online sports betting, and it offers markets not only on sports and election results but also on a dog's breakfast of events including tomorrow's temperature in Philadelphia, Taylor Swift's wedding date, and whether Elon Musk will start a Bluesky account before 2027."
"This hasn't stopped Kalshi's growth, which has skyrocketed since it officially opened election markets in October 2024. The company has opened thousands of markets, handles over $1 billion in trades every week, and was most recently valued at $11 billion. Nineteen states, meanwhile, have filed suit against Kalshi, challenging the claim that its operations aren't gambling and don't fall under their betting laws."
Kalshi is a prediction market platform founded by Tarek Mansour that enables users to place bets on various events including sports, elections, weather, and celebrity milestones. The company distinguishes itself from gambling sites by operating under Commodity Futures Trading Commission regulation rather than state gambling laws, allowing operation across all 50 states compared to the 20 states permitting online sports betting. Since launching election markets in October 2024, Kalshi has experienced rapid growth, processing over $1 billion in weekly trades and reaching an $11 billion valuation. However, nineteen states have filed lawsuits challenging whether Kalshi's operations constitute gambling subject to state betting regulations.
Read at WIRED
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