Prediction Market Platform
Appears in 6 stories
Facing a Utah state lawsuit and other state actions; appealing an August federal ruling
Utah Attorney General Derek Brown sued Kalshi in state court on Oct. 20, naming the prediction market, several related Kalshi entities and two Susquehanna market-maker firms. The complaint says Kalshi's sports and event contracts are illegal gambling under Utah law and brings public nuisance and civil conspiracy claims.
Updated 3 days ago
Appealing Utah's ban to the 10th Circuit after losing the same argument in the Sixth Circuit
Utah can keep enforcing its ban on sports-style prediction bets while Kalshi appeals. The 10th Circuit refused on September 8 to pause the state's prop betting law, and last week a Sixth Circuit panel rejected the same preemption argument in Ohio and Tennessee.
Updated Sep 29
Blocked in Michigan by preliminary injunction
A water tower along I-94 in Detroit now carries the dark blue logo of Polymarket, the prediction market platform. The city says the ad has no permit and plans to investigate.
Updated Sep 18
Continues listing sports event contracts under legal challenge
In January 2026, CME began listing event contract swaps on sports and cultural awards. On September 11, after seven filings that added football, basketball, tennis, elections and the Oscars, the exchange stopped adding new expiries.
Updated Sep 12
Raised $1 billion at a $22 billion valuation on May 7, 2026; facing criminal charges in Arizona, an operational injunction in Nevada, and civil lawsuits from Washington state while holding a favorable Third Circuit ruling on federal preemption
Kalshi closed a $1 billion funding round on May 7 at a $22 billion valuation, led by Coatue Management with Morgan Stanley, Sequoia, Andreessen Horowitz, Paradigm, IVP, and ARK Invest. Annualized trading volume reached $178 billion, up from $52 billion six months earlier, and Kalshi now accounts for more than 90% of U.S. prediction market activity.
Updated May 31
Operating as CFTC-registered designated contract market
Prediction markets have existed in legal limbo since 2003, when U.S. senators killed a Pentagon program that would have let people bet on terrorist attacks. An Israeli reservist and civilian face prosecution for using classified military intelligence to profit $150,000 on Polymarket, placing suspiciously accurate bets on the June 2025 Israel-Iran war — a first.
Updated May 29
No stories match your search
Try a different keyword
How would you like to describe your experience with the app today?
