The Third Circuit ruled in Kalshi's favor. People use prediction markets because they're more fair, transparent, and reward being right. Free markets work. We should keep them that way. This is a big win for the industry and millions of users.
Moulton posted to X about speculation over the missing crew member, stating, 'Their safety is unknown. They could be your neighbor, a friend, a family member. And people are betting on whether or not they'll be saved. This is DISGUSTING.'
Kalshi is taking a page from Warren Buffett's playbook by offering a $1 billion prize to any user who has the perfect March Madness bracket, despite the odds being 1 in 120.2 billion.
Kalshi's valuation comes as the company trades punches with Polymarket in a heavyweight duel for the top spot in the prediction market industry. Earlier in March, both companies were reportedly eyeing valuations of $20 billion each.
The National Collegiate Athletic Association (NCAA) is again turning up the pressure on prediction market operator Kalshi, this time tying its trademark concerns directly to March Madness, the association's signature men's and women's basketball tournaments. The NCAA claims that Kalshi has used its name, marks and event branding in ways that suggest an official link. March Madness is owned and controlled by the NCAA, and the association says any implication of endorsement or verification crosses a legal line.
The complaint argues that the platform's event contracts, which allow users to trade on outcomes including sports games, function the same way as banned wagers. According to the filing, consumers who lose money on those contracts are being harmed. Reynolds is seeking damages and restitution for a proposed class, along with a declaratory judgment and a jury trial. The Oregon case joins similar litigation already moving through courts elsewhere.
Nevada gaming regulators have taken their fight with Kalshi to court, filing a civil enforcement lawsuit just hours after a federal appeals panel declined to pause the dispute. The move came Tuesday, shortly after the U.S. Court of Appeals for the Ninth Circuit rejected the company's emergency request for an administrative stay. The Nevada Gaming Control Board said it lodged its complaint in the First Judicial District Court in Carson City on February 17. Through the filing, regulators are asking a judge for "a declaration and injunction to stop Kalshi from offering unlicensed wagering in violation of Nevada law."
