"Kalshi is facing backlash from its own users after a class action lawsuit was filed last week alleging it failed to pay out as promised for wagers regarding when Iranian Supreme Leader Ayatollah Ali Khamenei would leave or be removed from office. Khamenei was killed in strikes on Iran last month, but according to the lawsuit, Kalshi didn't implement a "death carveout" until after Khamenei had died."
"Kalshi is reportedly working to attract more women to its platform in an effort to grow its user base. As the Wall Street Journal reported on Sunday, the percentage of women using Kalshi has doubled over the past ten months, growing from 13 percent to 26 percent of Kalshi's total users. According to Kalshi co-founder Luana Lopes Lara, that shift involves "catering to [women's] interests and expertise in ways that traditional financial markets haven't.""
"Competition between Kalshi and Polymarket goes all the way up to the platforms' CEOs, Tarek Mansour and Shayne Coplan, respectively. According to NPR, Mansour is avoiding even saying the word "Polymarket" publicly. The two companies are also competing for the trademarked title of "world's largest prediction market.""
Kalshi is confronting significant backlash from users following a class action lawsuit alleging the platform failed to honor payouts for bets on when Iranian Supreme Leader Ayatollah Ali Khamenei would leave or be removed from office. Khamenei died in strikes on Iran last month, but Kalshi did not implement a death carveout clause until after his death had occurred. Simultaneously, Kalshi is pursuing growth by expanding its female user base, which has doubled from 13 percent to 26 percent over ten months. The platform aims to attract women by catering to their interests and expertise in ways traditional financial markets have not. Competition intensifies between Kalshi and Polymarket, with both platforms expanding into new markets including stock index betting and attracting competitors like DraftKings.
Read at The Verge
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