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Blanche Lincoln, who once helped craft legislation to restrict sports betting on prediction markets, is now lobbying the CFTC to permit such betting on Kalshi’s platform. Since 2024, she has received $480,000 from Kalshi for her efforts to ease regulation of event contracts, reversing her previous stance against unregulated gambling activities.
Luana Lopes Lara, COO of Kalshi, asserts that prediction markets provide more truthful insights than traditional polls. The platform, valued at $22 billion after rapid growth, is currently facing a lawsuit from New York’s attorney general seeking $36 billion. Lara emphasizes Kalshi’s distinction from sportsbooks despite most trading volume being sports-related and discusses what their data indicates about recent midterm elections.
CBS News, now led by editor-in-chief Bari Weiss, has signed a partnership with prediction-market platform Kalshi to use its betting data in coverage of upcoming elections. The deal follows similar data arrangements CNN and CNBC have struck with prediction-market firms.
A report describes Chinese leader Xi Jinping taking scheduled rest breaks during his summit meetings with US President Donald Trump, reducing the time available for substantive talks between the two leaders. The account is part of a broader roundup that also covers young traders profiting from prediction markets and an incident in which a Boeing 737 MAX survived a near-supersonic dive.
A unanimous three-judge panel on the US Court of Appeals for the Sixth Circuit ruled that Kalshi's sports-event contracts do not qualify as federally regulated swaps, meaning Ohio and Tennessee can enforce their own gambling laws against the platform. The decision upheld a lower court ruling against Kalshi in Ohio and reversed a prior Tennessee ruling that had favored the company. The court also said that even if the contracts were swaps, federal law would not block states from applying their gambling statutes.
The Wall Street Journal reports that fraudsters exploited Polymarket by placing wagers with stolen debit card information, then withdrawing winnings into accounts they controlled. A payment processor working with Polymarket flagged the scheme as early as February, rejecting over 80 percent of incoming transactions as fraudulent — far above the roughly 1 percent industry norm — with attempted fraud totaling at least $10 million.
The Wall Street Journal reports that a payment processor working with Polymarket flagged widespread use of stolen debit cards to place bets on the platform starting as early as February. Fraudsters allegedly used stolen financial data to wager and then withdrew winnings through other payment channels, with the processor rejecting more than 80 percent of transactions as fraudulent, far above the roughly 1 percent industry norm.
New York Attorney General Letitia James and Governor Kathy Hochul filed suit against Polymarket, alleging the prediction-market platform operates without a required gambling license and fails to pay state taxes. The suit, filed in Manhattan under Executive Law 63(12), also claims Polymarket markets its products to users aged 18 to 20, below the state's 21-year minimum for mobile sports betting. It follows a similar lawsuit against rival platform Kalshi filed roughly two months earlier.
New York filed a lawsuit against Polymarket in state court, alleging the platform runs unlicensed gambling and asking a judge to block it from operating in the state. The state is seeking fines and restitution for users, arguing Polymarket never obtained a required gaming license. Polymarket's chief legal officer said the company will fight the claims and remain in New York.
New York's attorney general and governor announced a lawsuit against Polymarket, accusing it of running an unlicensed gambling operation disguised as a prediction market. The state claims Polymarket allows users as young as 18 to bet, violating New York's rule requiring bettors to be at least 21, and is avoiding taxes that licensed gambling operators must pay. The state is asking a court to shut down Polymarket's operations within New York.
New York attorney general Letitia James filed a lawsuit against prediction market Polymarket, alleging it is operating an unlicensed gambling business in violation of state law. The suit seeks a court order barring Polymarket from operating in New York, along with fines and forfeiture of profits, and follows a similar suit against rival Kalshi filed roughly a month earlier. Polymarket's chief legal counsel Neal Kumar disputed the claims, saying the company tried to engage directly with the state before the suit was filed.
Polymarket has reportedly held talks with the European Commission, ESMA and the UK's FCA to be regulated under MiFID financial rules rather than gambling law. The prediction-market platform hopes this reclassification would let it reverse bans imposed by Spain and France, which currently require it to hold a gambling license to operate.