#kalshi

#kalshi

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.

Nevada, on behalf of its Gaming Control Board, sued Kalshi in February in an effort to block the prediction site from operating in the state. Officials maintain that Kalshi has failed to acquire the appropriate state gaming licenses that would cover the kind of betting activity its users are engaged in.

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."

This week: Anthropic released an update that seems to have tipped the scales against Software as a Service companies, erasing billions in market value. Felix Salmon, Elizabeth Spiers, and Emily Peck, unpack why there was such a massive market response to such a small AI plugin, and what it says about the future of tech investment. Then, Disney has finally named a new CEO in Josh D'Amaro.

Nothing makes Americans want to gamble like the Super Bowl. Every year, the game is reliably the biggest day for sports betting: On platforms such as FanDuel and DraftKings, people are already putting money down on which team will win the opening coin toss, how long the national anthem will be, and what color of Gatorade will be used to douse the winning head coach.

They describe this as being part of their mission of giving back to the city they call home. After months of planning, we're excited to announce 'The Polymarket' is coming to New York City. New York's first free grocery store. We signed the lease. And we donated $1 million to Food Bank For NYC - an organization that changes how our city responds to hunger. 🧵 pic.twitter.com/BGMCWUMz8n - Polymarket (@Polymarket) February 3, 2026

At leading prediction market Kalshi, more than $47 million has been staked this season on what are known as NFL announcer mention markets, where users trade on the probability of what the play-by-play broadcaster or color analyst will -- or will not -- say during games. Since September, the average amount risked on NFL announcer mention markets has grown more than seven times, from less than half a million per game at the start of the season to $3.55 million on the AFC and NFC championship games