How Are Prediction Markets Taxed? The IRS Still Hasn’t Provided Guidance
Prediction market traders face a tax landscape with no IRS guidance yet, leaving gambling income, capital gains, and Section 1256 treatment all in play.
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New Prediction Market Entrant Pascal Closes $9 Million Series A
New York startup Pascal has raised a $9 million Series A led by Union Square Ventures, entering the prediction markets space with an institutional-focused trading model built to compete alongside Kalshi and Polymarket.
Report: White House Teleprompter Operator Made More Than $100K Betting on Trump’s Speeches on Kalshi
Gabriel Perez, Trump’s teleprompter operator since 2016, is negotiating a CFTC settlement after allegedly netting six figures betting on his own boss’s speeches on Kalshi.
State Attorneys General Expect Supreme Court to Rule on Sports Prediction Markets by 2027
State attorneys general say a looming federal circuit split could send the fight over sports prediction markets to the Supreme Court as soon as 2027.
ERShares’ XOVR ETF Invests $30 Million in Prediction Market Operator Kalshi
ERShares’ XOVR ETF has taken a $30 million stake in Kalshi, becoming the second exchange-traded fund to publicly disclose ownership in the fast-rising prediction market operator.
CFTC Overrules Michigan Court, Orders Kalshi to Keep Sports Trades Intact
The CFTC blocked a Michigan court order demanding Kalshi cancel executed sports trades, escalating a federal-state showdown over prediction market authority.
CFTC Orders Kalshi to Honor Michigan Prediction Market Trades, Escalating Fight With States
The CFTC has directed Kalshi to honor Michigan customer trades, a move that sharpens the federal-versus-state battle over sports-related prediction markets.
Gibraltar Enacts Landmark Regulatory Framework for Prediction Markets, Setting Global Precedent
Gibraltar has become one of the first jurisdictions to establish formal licensing rules for prediction markets, offering operators regulatory clarity absent in much of the U.S.
Michigan Extends Kalshi Sports Contract Ban, Geofencing Enforcement to Begin August 12
Michigan has extended its ban on Kalshi’s sports-related prediction contracts and set an August 12 date to begin geofencing enforcement against the exchange.
Ninth Circuit Judges Press Kalshi on Why Sports Contracts Aren’t Just Betting in Tribal Lands Appeal
A Ninth Circuit panel pressed Kalshi on why its sports event contracts shouldn’t be treated as gambling on tribal land, in an appeal that could reshape prediction markets law nationwide.
Federal Judge Rejects Kalshi’s Bid to Block New York From Enforcing Gambling Laws on Sports Contracts
A New York federal judge ruled Kalshi’s CFTC registration doesn’t shield it from state gambling laws, dealing the prediction market a major legal setback.
Failed CFTC Chair Nominee Brian Quintenz Joins Coalition for Prediction Markets as Senior Advisor
Brian Quintenz, whose nomination to lead the CFTC was pulled by President Trump last year, has become a senior advisor to the prediction market industry’s lobbying group.