Judge bans Kalshi from offering sports-events contracts in Massachusetts in 30 days
A Massachusetts judge on Friday rejected a request by prediction-markets operator Kalshi to allow it to keep offering sports-events contracts in the state while it appeals an injunction that will lead to it being banned from operating there without a state gaming license in 30 days.Suffolk County Superior Court
Prediction market Kalshi seeks US approval to offer margin trades
Prediction market operator Kalshi is seeking US regulatory approval to allow margin trading on its platform, as it seeks to lure institutional investors with more sophisticated financial contracts. Kalshi has held meetings with the Commodity Futures Trading Commission over several months in its effort to win approval, according to people
Kalshi Downloads Zoom Past Gambling Apps Ahead of Super Bowl
Just months ago, Kalshi Inc. lagged far behind FanDuel and DraftKings — the dominant players in US sports betting. Now, ahead of the Super Bowl, the crown jewel of the gambling calendar, the upstart prediction market has pulled far ahead, at least by one key metric: monthly app downloads. In January,
Wall Street’s Top Cop Expects Enforcement on Prediction Markets
Wall Street’s top cop expects regulators to take actions tied to prediction markets following a surge in trading on the platforms over the past year, saying that simply making bets outside of traditional spaces “doesn’t insulate you from fraud.” Manhattan US Attorney Jay Clayton made the comments Thursday
Kalshi and Polymarket Rewrite the Super Bowl Playbook for Pro Gamblers
The sudden rise of prediction markets has sophisticated bettors scrambling to adjust their strategies. During his more than 15 years as a professional sports gambler, Rufus Peabody has built up an elaborate system of software tools and surrogate bettors that allow him to spot favorable odds offered by bookmakers of
Kalshi expands surveillance, enforcement efforts ahead of Super Bowl 60
Kalshi on Thursday announced efforts to expand its surveillance and enforcement frameworks as skepticism builds around the booming prediction market industry. The announcement comes days before Super Bowl 60, which has already drawn more than $160 million in prediction market trading volume, according to Kalshi. The platform and its peers
CFTC Withdraws Proposal Banning Prediction Market Sports Betting
The head of the Commodity Futures Trading Commission said the agency has withdrawn a Biden-era proposal that called for prohibiting sports and politics-related wagers on prediction markets. “The 2024 event contracts proposal reflected the prior administration’s frolic into merit regulation with an outright prohibition on political contracts ahead of
Prediction Traders Are Betting Bitcoin Will Fall Below $65,000
Bitcoin values have fallen to their lowest level since President Donald Trump took office. If prediction markets are to be believed, the world’s most popular cryptocurrency may have a lot further to fall. Bitcoin has lost 40% since it hit an all-time high of over $126,000 in October,
Kalshi Claims ‘Extortion,’ Then Recants in Feud Over User Losses
It began innocuously enough. A stock analyst pulled data on betting results to argue that users of booming prediction markets were losing money faster than on traditional gambling apps. Then it spiraled. Kalshi Inc., the biggest US prediction market, told Bloomberg the analysis wasn’t just wrong. It was part
Crypto.com Launches Predictions-Only Platform Before Super Bowl
Crypto.com is launching a dedicated platform, OG, for prediction markets just days before the Super Bowl, the company said Tuesday. A pioneer of federally-regulated sports-themed prediction markets, Crypto.com co-founder and and Chief Executive Officer Kris Marszalek said a stand-alone product is warranted after 40-fold growth week-over-week in its
Wall Street Pros See Potential, Obstacles in Prediction Markets
Wall Street professionals have a broadly positive perception of prediction markets, but the nascent sector’s lack of liquidity is a key stumbling block to reaching the mainstream. Around 43% of market structure experts view prediction markets as an innovative value-add to the overall marketplace, according to a flash survey
CFTC to Craft New Prediction Market Rules, Chairman Says
Wall Street’s main derivatives regulator will write new rules for the multi-billion dollar prediction markets industry, the head of the Commodity Futures Trading Commission said Thursday. “It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these markets,” Chairman Michael Selig said
