Kalshi has sent Netflix a cease-and-desist letter over its new documentary trailer, claiming fabricated content misrepresents the company’s compliance with a Nevada court order on sports event contracts.
State Rep. Tarik Khan’s bipartisan HB 2711 would regulate prediction markets like Kalshi and Polymarket in Pennsylvania without banning sports event contracts.
Fertitta Entertainment’s general counsel told Nevada regulators he doubts Texas will legalize gaming soon and expects the Supreme Court to side with states over prediction market platforms like Kalshi.
The Sports Betting Alliance says it has no formal position on prediction markets, even as DraftKings, FanDuel, and Fanatics have all launched their own prediction market products.
Kalshi has agreed to geofence Nevada out of its sports, election, and entertainment contracts by Aug. 12 or pay the state $120,000 a day, settling a months-long contempt fight.
Reps. Steven Horsford and Mark Amodei introduce the Prediction Markets Are Gambling Act, aiming to bar Kalshi, Polymarket, and similar platforms from offering sports-style event contracts.
Polymarket has blocked Irish users after the Gambling Regulatory Authority of Ireland threatened High Court action against unlicensed prediction markets.
Tribal and commercial gaming leaders testified before a House Agriculture subcommittee that Kalshi and Polymarket sports contracts operate as unregulated sportsbooks, costing states and tribes over $1.2 billion.
A King County judge rejected Kalshi’s federal preemption defense and granted Washington a preliminary injunction, finding the platform’s sports contracts likely violate state gambling law.
Sen. Martin Heinrich and 16 New Mexico tribes are urging Senate leaders to bar prediction markets from offering sports betting through the pending CLARITY Act.
A Ninth Circuit panel signaled skepticism toward Kalshi’s argument that its sports contracts can operate on tribal land without triggering federal Indian gaming law.
A bipartisan bill backed by Kalshi would require facial recognition age verification on sportsbooks and prediction markets before users can bet or trade.
