Kalshi – FairOdds Network

April 16, 2025

MGM CEO: Prediction markets may be ‘cement’ for federal government to enter gambling space

Bill Hornbuckle is urging the legal sports betting industry to handle the prediction market battle properly to avoid federal intervention.

As Bill Hornbuckle travelled to Atlantic City this week for a prominent gaming conference, the legal sports betting industry nationwide continued to race toward a proverbial fork in the road.

Days earlier, Kalshi had reported handle of $86 million (£65 million/€75.6 million) during The Masters tournament, roughly three times the volume traded on the platform for the Super Bowl. Over the last month, Kalshi and other prediction markets have been subject to a wave of cease-and-desist orders from states around the country. The litigation comes as the US Commodity Futures Trading Commission (CFTC) prepares this month for a highly awaited roundtable on the regulatory implications of sports event contracts.

Operating tax free on trading revenues, prediction markets pose an existential threat to the regulated gaming industry in the view of some industry ..

April 11, 2025

State of the Union: Kalshi wins injunction in Nevada; stocks receive Trump bump, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Kalshi scores win with Nevada injunction

For a prediction market that has been besieged by state cease-and-desist orders over the last month, Kalshi notched a slight victory this week.

On Tuesday (8 April), US district court judge Andrew Gordon granted Kalshi a preliminary injunction against the Nevada Gaming Control Board (NGCB). The injunction prevents the NGCB from imposing the order against Kalshi, contending that the site illegally offered sports wagering across the state.

As with other prediction markets, Kalshi is awaiting a closely watched roundtable from the US Commodity Futures Trading Commission (CFTC) for clarity on whether sports event contracts mimic sports gambling.

First takes on the order granting Kalshi's motion for a preliminary injunction in Nevada: quality advocacy wins the day..

April 10, 2025

Kalshi stays live with sports markets in Nevada after winning injunction

It is game on for Kalshi's ability in Nevada and across the US to take bets on contests such as The Masters.

US District Court Judge Anthony Gordon provided a detailed ruling that expanded on his decision of Tuesday night (8 April) to grant Kalshi’s motion for a preliminary injunction against the Nevada Gaming Control Board regarding the offering and trading of sporting-event contracts.

“Kalshi has shown a likelihood of success on the merits,” wrote Judge Gordon in the 17-page ruling. “Conversely, the defendants have not shown a likelihood of success on their countermotion for injunctive relief, so I deny their motion.”

It was another legal victory for Kalshi, following a key win in the US Court of Appeals last October over the Commodity Futures Trading Commission (CFTC). That ruling allowed it to offer election contracts in the run-up to the 2024 US presidential election. The CFTC has appealed that decision to the DC Circuit Court of Appeals and a verdict could have an impact ..

April 8, 2025

Maryland fifth state to send cease-and-desist letters to Robinhood, Kalshi and Crypto.com

The state joins Nevada, New Jersey, Ohio and Illinois in seeking to ban sports prediction markets.

Maryland has become the fifth state to send cease-and-desist letters to Kalshi, Robinhood and Crypto.com as the Maryland Lottery and Gaming Control Commission has directed the companies to stop offering sporting event contracts in the state.

Maryland joins Illinois, Ohio, Nevada and New Jersey in seeking to ban the companies from offering what they believe amounts to de facto sports betting.

“We view this as a legal matter and a consumer protection matter and there is also a fiscal interest for the state,” said Maryland Lottery and Gaming director John Martin in a press release. “Each of Maryland’s legal sports wagering operators completed a rigorous licensing process and is subject to extensive regulations that include responsible gaming requirements. The commodity traders aren’t bound by those same guardrails. They’re conducting sports wagering without a licence and, in doing so, the..

April 4, 2025

State of the Union: Tribes-SBA consider California sports betting plan; gambling stocks plunge, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Movement in California sports betting talks

The gambling industry converged in San Diego for the 2025 Indian Gaming Tradeshow and Convention, one of the nation’s largest tribal gambling events on the annual conference circuit. The show kicked off with a panel that featured two of the nation’s most prominent executives in the sports betting industry.

DraftKings CEO Jason Robins made a rare appearance on 31 March during a panel moderated by conference chair Victor Rocha. Robins was joined by Christian Genetski, who serves as president of FanDuel Group. Both executives sang the praises of tribal gaming after both lost millions in a failed attempt to bring sports betting to California in 2022.

Speaking at IGA in San Diego, Jason Robins emphasized that maintaining relationships between operators and the tribes ..

April 1, 2025

Ohio joins growing list of states to issue cease-and-desists to prediction market operators

State's gaming commission says Kalshi, Robinhood, Crypto.com all need licences to offer sports contracts.

Nothing attracts a crowd like a crowd. Fast on the heels of Nevada and New Jersey sending cease-and-desist letters to prediction market operators offering contracts on sports events and Massachusetts openly questioning their legality, Ohio piled in on Monday (31 March).

As explained in a press release, the Ohio Casino Control Commission (OCCC) issued cease-and-desist notices to three sites allowing users to risk money on sports outcomes: Kalshi, Robinhood and Crypto.com.

In his statement within the press release, OCCC executive director Matthew Schuler was explicit in his interpretation of what the trio of companies are doing.

“Purchasing a contract based on which team a person thinks will win a sporting event is no different than placing a bet through a traditional sportsbook,” said Schuler. “The only difference is that these event contracts do not have the consumer prote..

March 31, 2025

Kalshi CEO says he was left with no choice but to sue New Jersey, Nevada regulators

Company's suits seek declaratory and injunctive relief to prevent agencies from “enforcing their preempted laws”.

Kalshi dramatically raised the stakes over the weekend in the battle over whether it operates a legal prediction market for sports event-based outcomes, filing lawsuits in response to the cease-and-desist letters sent by gaming regulators from Nevada and New Jersey.

In a LinkedIn post on Sunday explaining the decision to file, Kalshi CEO Tarek Mansour said prediction markets are more than simply places to trade contracts, calling them “quintessential truth machines”. He said they “mobilise the most elegant and effective properties of free financial markets towards the pursuit of unbiased truth”.

Mansour claimed filing the lawsuits against agencies overseeing two of the biggest regulated sports betting marketplaces in the US was a last resort of sorts. The post stated: “We have made every effort to engage proactively with both Nevada and New Jersey and try to educate..

March 24, 2025

Kalshi announces RG tools, IC360 partnership as roundtable approaches

Kalshi today (24 March) announced a new responsible gaming hub and a partnership with integrity monitor IC360 as it continues to toe the sports betting line.

In a post on X, Kalshi CEO Tarek Mansour said the platform is debuting a ‘Consumer Protection Hub’. This will include “features like deposit caps, trading breaks and voluntary opt-outs”. These features, Mansour said, work in tandem with Kalshi’s “market surveillance team” and regulatory systems.

The phrase “responsible gambling” (RG) is absent from the announcement. However, the features are essentially identical to those offered by regulated sportsbooks. All major operators currently offer deposit and time limits as well as self-exclusion tools.

Mansour also announced Monday that Kalshi is partnering with integrity monitor IC360 for its sports contracts. The CEO said IC360’s data will enhance Kalshi’s “ability to prevent bad actors” and report them to sports leagues and regulators.

No important financial innovation has eve..

March 18, 2025

Kalshi, Robinhood partner for March Madness following cease-and-desist extension

Kalshi and Robinhood have partnered again to offer sports contracts, this time ahead of the NCAA men's and women's basketball tournaments.

The renewed partnership was announced by both sides on Monday (17 March). Robinhood will launch a standalone prediction market hub in its app, made possible through Kalshi. According to Front Office Sports, Robinhood had just under 25 million users as of last November.

The first markets will be on the NCAA men’s and women’s basketball tournaments, which begin on Tuesday (18 March) and Wednesday (19 March), respectively. There will also be contracts listed for whether the Federal Reserve will change the federal funds rate at its May meeting.

Last month, the exchanges partnered to offer Super Bowl contracts, but Robinhood quickly backed out following pushback from the Commodity Futures Trading Commission (CFTC). Kalshi and Crypto.com, another entrant into the prediction space, kept their Super Bowl contracts active before and during the..

March 12, 2025

MLB seeks CFTC “integrity framework” for prediction markets

Major League Baseball, perhaps hedging its position regarding the eventuality of trading on its product becoming being a widespread part of prediction markets, asked the Commodity Futures Trading Commission (CFTC) to create an “integrity framework” similar to those in place with states that authorise legalised sports betting.

The Closing Line substack was first to report MLB sent a letter via email to the CFTC noting that the “limited MLB event contracts available today do not carry the same integrity risks as prop bets even single-game bets, but we expect that equivalent offerings will arrive soon.”

To that end, MLB wants that integrity framework for prediction markets in a manner consistent with how it supports “legal sports betting at the state level based on robust regulation and relationships in which sports leagues are viewed as partners and integrity of competition is considered paramount.”

Watching and waiting on Kalshi

MLB’s request of the CFTC comes at a time when Kalshi ..

February 12, 2025

Trump nominates Kalshi board member as CFTC chief

Quintenz, who previously served as a commissioner for the CFTC under Trump, also spent time on the board of Kalshi.

Another day, another round of Commodity Futures Trading Commission (CFTC) news, with the big story coming via President Donald Trump, who has nominated Brian Quintenz to become chairman.

“It is my great honour to be nominated by President Trump as the next chairman of the Commodity Futures Trading Commission, where I had served as a commissioner in his last administration,” Quintenz said in a statement posted on X. “The CFTC plays a critical role in maintaining robust hedging and price discovery markets that are the envy of the globe. The agency is also well poised to ensure the USA leads the world in blockchain technology and innovation. I look forward to working with President Trump’s incredible financial regulatory team.”

News of Quintenz being nominated was first reported by Bloomberg Tuesday night. Currently serving as acting chairman is Caroline Pham.

Quintez ha..

February 3, 2025

Robinhood to offer Super Bowl betting via Kalshi

Partnership with brokerage makes event contracts available to large swath of population.

Robinhood announced on Monday (3 February) morning that it will be offering event contracts via Kalshi for Super Bowl LIX, creating the potential for a significant expansion of prediction market event trading. The Super Bowl is set for Sunday (9 February) between the Kansas City Chiefs and Philadelphia Eagles.

Front Office Sports was the first to report the announcement.

According to a press release from Robinhood, the brokerage views event contracts as “an opportunity to better serve our customers as their interests converge across the markets, news, sports and entertainment.” It plans to have event contracts available in all 50 states through Kalshi, saying they “leverage the power and rigour of the financial market structure to facilitate greater liquidity, transparency and price discovery”.

Access to Robinhood marketplace

The partnership furthers Kalshi’s rapid movement in getting Super Bo..

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Tag: Kalshi