Kalshi CEO says insider trading is harder to catch in stocks
Mansour's claim lands at a moment when Kalshi faces acute pressure to prove it can police its own markets. The platform cannot back its transparency boast with detectable enforcement or it risks becoming the case study that justifies sweeping account bans.
Latest News
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The ResolutionDaily Newsletter
Prediction markets, resolved by noon ET.
What moved markets overnight, why it matters, who's affected. Read by operators, traders, and regulators before the open.
Top Stories
CFTC proposes new rules broadly permitting sports event contracts on prediction markets
Kalshi and Polymarket must audit every active contract against the new permitted and prohibited categories before the comment period closes. Any market that fails the classification test faces enforcement risk once final rules take effect. The proposal also invites fresh legal attacks: Berkovitz's public skepticism about whether sports contracts meet Commodity Exchange Act standards gives ammunition to gaming industry challengers and state attorneys general already suing in Minnesota and Kentucky. Platforms that have bet their growth on sports volume now face a narrow window to shape the final rule or prepare for litigation on multiple fronts. The first enforcement action under whatever framework emerges will set the compliance bar for the entire sector.
Michigan judge issues 14-day restraining order blocking Kalshi sports contracts
Kalshi must now geofence Michigan sports markets immediately, shrinking its live addressable state count while it fights on parallel legal fronts. The 14-day clock forces the platform to decide whether to invest legal resources in a state-by-state defense or push harder on its CFTC preemption argument in federal court. Each new state injunction that survives initial review — Illinois, Michigan, and potentially others — weakens the practical shield of federal registration. Operators watching this pattern face a narrowing window to build state-by-state compliance infrastructure or risk being shut out of markets one restraining order at a time. The first platform to lose a preemption ruling at the appellate level will reset the competitive map for every CFTC-registered venue.
DraftKings launches DKeX, its own CFTC-regulated prediction exchange
DraftKings' abandonment of third-party partners for owned exchange infrastructure forces a strategic choice on every major prediction-market operator. Kalshi and Polymarket now face a vertically integrated rival that keeps both trading revenue and user data in-house rather than splitting fees with infrastructure providers. The $3.4 billion annualized volume run-rate gives DraftKings negotiating leverage in any future M&A discussions, particularly as Bernstein highlights consolidation pressure across the sector. Operators still dependent on white-label or partnership models must either accelerate their own infrastructure builds or accept margin compression as DKeX demonstrates that sportsbook-scale user bases can self-source liquidity. Railbird's technology stack is now a proven template; the next operator to replicate it will determine whether prediction markets fragment across proprietary exchanges or consolidate under a few vertically integrated owners.
Robinhood lists June 2026 Core PCE prediction market across three partner exchanges
Robinhood's multi-exchange model strips volume concentration from any single partner. Rothera captures sustained flow, Kalshi loses the retail base that supports its newly approved Bitcoin perpetual futures. The three-partner structure also means Robinhood can shift clearing relationships if one exchange faces regulatory friction or alters terms. For traders, the practical effect is identical contract formats with fragmented liquidity pools, wider spreads, and no guarantee that the same market clears at the same venue tomorrow. The arrangement tests whether retail users notice or care where their trades clear, or whether Robinhood's brand absorbs that complexity entirely.
Zuckerberg pushes Meta to partner with Polymarket and Kalshi for Arena
For Polymarket and Kalshi, Meta's partnership overtures carry a dual threat: Meta's experimental prediction markets app could drain their user base if Arena scales across 3 billion daily users, or the deals could cement them as the regulated backend for the largest social platform on Earth. The buy-versus-build decision Zuckerberg already tested with Kalshi shows acquisition remains on the table. Neither platform can afford a partnership that gives Meta the data to replicate their markets while keeping the real-money layer. The negotiation leverage belongs to Zuckerberg, and whatever terms he extracts will set the template for how prediction markets survive or surrender to big-tech distribution.
Trump Jr. received $300,000 equity stake in Kalshi
Kalshi's recruitment of a politically connected figure now produces direct financial exposure to the Trump family's regulatory leverage. The equity grant gives Donald Trump Jr. a personal stake in Kalshi's success just as the platform defends its CFTC registration against state attorneys general in Kentucky and Minnesota, and rolls out bitcoin perpetual futures amid CME litigation. Any CFTC or congressional action affecting Kalshi's sports-event contracts, altcoin expansion, or state preemption cases now lands on a regulator with potential political ties to a major shareholder. Competitors cannot match this access, but the optics risk inviting extra scrutiny from lawmakers already pressing prediction markets on marketing practices and consumer protection.
North Carolina budget proposes first state tax on prediction market operators
The 6% levy forces Kalshi and Polymarket to absorb a state cost their CFTC registration was supposed to preclude, adding a direct tax on fees to the legal bills they already face in Illinois and Michigan. Unlike offshore platforms, regulated operators cannot easily shift tax burden without breaking their compliance model or becoming price-uncompetitive. The fee-based structure matters: it reaches the platform's revenue directly rather than user winnings, compressing margins faster than a consumer-facing tax. Other states watching North Carolina's fiscal success with gambling taxes will treat passage as a template, especially if the revenue flows to popular state programs like university athletics. The first platform to pull out of a taxed state rather than absorb the cost loses that market permanently; the first to stay and pay sets the precedent others must match.
New Jersey lawmakers advance election betting ban and prediction market regulations
Creates a state-level licensing regime that could either attract prediction market operators to New Jersey or push them to friendlier jurisdictions, depending on final tax and compliance burdens.
CFTC and SEC seek public comment on swaps amid CME lawsuit
Kalshi must now defend its perpetual-futures structure against CME's lawsuit challenging the CFTC's classification; either regulator adopting a swaps label would force restructuring or withdrawal of the product.
CFTC sues Kentucky to block state crackdown on prediction markets
Kalshi and Polymarket must now defend Kentucky accounts from both state gambling suits and federal preemption litigation. Any adverse ruling on either front risks forcing both platforms to geofence Kentucky while their CFTC registration is tested in court.
CFTC files first insider trading complaint over event contracts
The complaint erects a new compliance pillar that every prediction market operator must now account for. Corporate counsel face fresh pressure to monitor employee trading on platforms like Kalshi and Polymarket, because the CFTC has signaled it will treat event-contract trades on material non-public information as actionable insider trading. The first test in court will establish whether traditional securities precedents cover these swaps, and a government win would force platforms to build surveillance for information-based manipulation. Operators without institutional compliance infrastructure will shoulder the steepest costs.
World Cup drives $2 billion in bets across Kalshi and Polymarket
The $2 billion figure is not just a headline — it is a live stress test of whether prediction markets can absorb sports betting at sportsbook scale without breaking. For Kalshi and Polymarket, the next four weeks determine whether their market-maker relationships can handle size in real time, or whether spreads blow out and send users back to DraftKings and FanDuel. A clean tournament with tight pricing and settled disputes validates the event-contract model for the NFL and Olympics ahead. A liquidity crunch or high-profile fraud case gives regulators and state attorneys general the ammunition they are already gathering in Minnesota and Kentucky.
Kalshi volume passes $17B in first two weeks of World Cup, fees top $10M daily
Kalshi's $17 billion World Cup run and $13.5 million daily fee record establish a new liquidity benchmark for CFTC-regulated event contracts. The platform is now generating institutional-scale revenue on single sporting events, proving prediction markets can capture flows that previously went to offshore bookmakers alone.
CFTC opens new Polymarket probe as senators demand fake-bets investigation
The CFTC must now run a formal investigation while simultaneously fielding congressional demands on the same facts, stretching enforcement bandwidth at a moment when Polymarket's market integrity is already questioned. For Polymarket, two parallel processes mean double the document production, witness exposure, and reputational risk, with any finding that the staged-bet campaign was systemic rather than isolated placing its exchange designation in direct jeopardy. The investigation also revives the earlier Trump-tied activity review that commission leadership previously quashed, raising the stakes if enforcement staff now argue the incidents connect. Competitors like Kalshi benefit from the distraction, while any CFTC move to restrict or revoke Polymarket's designation would immediately redraw the regulated prediction-market map.
Polymarket whales bet millions on World Cup as single market hits $3B volume
These outsized wagers are not vanity trades; they are stress tests for the institutional liquidity DRW, Wintermute, and IMC recently deployed at Polymarket. Million-dollar single buys on scoreline and margin contracts force market makers to absorb concentrated directional risk in real time, and every whale who clears that size without moving the spread proves the venue can handle institutional order flow. For Polymarket, passing that test repeatedly during the tournament means converting retail buzz into durable desk relationships that outlast the World Cup window. For competitors like Kalshi, it raises the liquidity bar they must match to keep whale capital from consolidating on the platform with the deepest book.
CFTC proposes permanent reporting framework for event-contract trader data
Kalshi, Polymarket, and every other CFTC-registered exchange must now build or buy systems that capture occupation and employer data from every participant trading event contracts. That shifts a temporary compliance burden into a fixed cost of doing business, with the comment period as the only window to soften the fields or frequency of reporting. Exchanges that delayed infrastructure decisions while relief was in place face a hard deadline to stand up permanent data pipelines. The first platform to fail an audit under the final rule will hand the CFTC a clear enforcement template, and competitors will absorb that precedent into their own compliance budgets whether or not they were the initial target.
Kalshi buys World Cup stadium ads and Men in Blazers sponsorship at discount
Kalshi is buying brand proximity to mainstream sports during the exact tournament that just generated $2 billion in volume across Kalshi and Polymarket. At discount pricing, this is cheap optionality: if even a fraction of stadium viewers or podcast listeners convert to traders, the customer acquisition cost undercuts traditional sportsbook marketing by an order of magnitude. The Men in Blazers deal specifically targets the soccer-native audience most likely to engage with World Cup event contracts. Polymarket's parallel celebrity campaign with Rick Rubin and Future means both CFTC-regulated platforms are now spending to own the same cultural moment, and the one that converts brand awareness into funded accounts faster will set the template for the 2026 World Cup and beyond.
Wealthsimple launches standalone prediction market app with Kalshi
Kalshi gains a retail pipeline in Canada just as Robinhood diverts World Cup flow to Rothera, threatening Kalshi's U.S. volume. The Wealthsimple deal lets Kalshi replace slipping Robinhood retail traders with new international users rather than competing for the same American accounts. This is Kalshi's second major distribution partnership in days, after the ADI Predictstreet FIFA branding deal, suggesting a deliberate pivot toward white-label reach over direct consumer growth. The timeline matters: Kalshi is reportedly targeting a $40 billion valuation, and investors will measure whether international retail expansion can offset any U.S. market share loss to vertically integrated rivals. Wealthsimple's 4,000-contract menu converts its established investor base at scale, Kalshi proves it can export its regulatory credibility without launching its own consumer brand abroad.
Bipartisan senators ask regulators to probe Polymarket over fake bets promotion
The CFTC must now assess whether Polymarket's staged-bet influencer campaign was isolated or systemic while defending its exchange designation.
Kalshi traders price Warriors at 60% to land LeBron after LA exit confirmed
The LeBron next-team market shows CFTC-regulated prediction markets can price real-time sports free-agency flow faster than traditional sportsbooks, pulling sports bettors into venue-native price discovery. For Kalshi, the 60% handle is a live test of whether its sports vertical can replicate the sentiment-driven liquidity that Polymarket captured in World Cup fixtures — and hold those users once the headline fades. The competitive stakes are direct: Polymarket's $1 billion annualized revenue sets the revenue-per-dollar benchmark, and Kalshi must prove its NBA player markets generate comparable economics or risk ceding marquee sports moments to a rival with deeper institutional liquidity. Neither platform disclosed per-market volume or open interest, leaving traders to trade headline sentiment without book depth.
Illinois agrees to delay prediction market tax enforcement as Kalshi sues
The enforcement pause gives Kalshi breathing room, but only temporarily. If the court upholds Illinois's tax-and-license framework, Kalshi faces a state-by-state patchwork where each legislature can replicate the same levy, eroding the cost advantage of its CFTC-regulated status against offshore competitors. The preemption argument Kalshi is making here mirrors its defense in Michigan, New Mexico, and Minnesota, meaning an adverse ruling in any one state becomes precedent for the others. Meanwhile, the agreed delay itself signals that Illinois prosecutors see litigation risk in pressing ahead, which other state attorneys general will weigh before filing copycat actions. The platform that emerges from this multi-front fight intact will need legal budgets scaled for parallel state defenses, not just one federal registration.
Kalshi sues Ohio Casino Control Commission to block $5M fine
A $5 million fine would be one of the largest state-level penalties against a prediction market operator and could embolden other state gaming regulators to pursue similar enforcement if the OCCC prevails.
Forme Science hedges World Cup promotion on Kalshi in e-commerce first
Kalshi just proved its event contracts can price risk for ordinary commerce, not just speculation. Every e-commerce brand running a conditional refund, sweepstakes, or outcome-tied discount now has a template for converting marketing liability into a fixed cost. That expands Kalshi's total addressable market well beyond traders and into chief financial officer suites. For rivals, the defensive move is to replicate the structure before Kalshi becomes the default venue for promotional hedging. The next retail brand to copy the play will signal whether this is a one-off experiment or a new product line.
Crypto.com hires ex-OKX and LSE exec Vanblarcum to lead prediction markets buildout
Vertical integration is now the threshold for survival, not advantage. Crypto.com joins platforms racing to build or buy their own stack rather than rent liquidity and clearing. Vanblarcum's dual exchange and traditional finance background gives Crypto.com credibility with institutions skeptical of crypto-native infrastructure, but he must deliver a live product before Kalshi's IPO and Cboe's S&P launch absorb the institutional attention pool. Platforms still assembling their stack face a narrowing window to prove they can own custody and clearing or accept margin compression. A delayed build means competing as a renter against Bernstein's prediction of a prediction-market M&A wave where acquirers already control their rails.
N.J. lawmakers advance bill to tax prediction market operators Polymarket and Kalshi
Kalshi and Polymarket now face the prospect of a fourth state tax or enforcement action alongside Illinois, Michigan, and Kentucky, each with its own rate and compliance rules. The New Jersey levy would add a direct cost layer that offshore competitors do not bear, squeezing margins on sports and political contracts that both platforms count on for volume. A patchwork of state tax regimes forces operators to build geofenced pricing and state-by-state revenue recognition rather than operate under uniform federal rules. The first platform to absorb multiple state taxes and still retain liquidity will set the playbook for the rest; the alternative is retreating from any state that imposes a levy, shrinking the regulated market exactly as CFTC rules are expanding what contracts it permits.
Bernstein predicts prediction-market M&A wave as platforms consolidate infrastructure
Vertical integration is becoming the price of admission, not a competitive edge. DraftKings and Coinbase have already bought their infrastructure; Robinhood has routed 16 billion event contracts through Rothera. Platforms still renting technology stack face margin compression or acquisition. Kalshi and Polymarket, Bernstein's target label means every funding conversation now includes a takeover premium. The next 12 months will separate owners from renters: operators that do not control their clearing and custody will either sell at a discount or watch liquidity migrate to vertically integrated venues that keep the full fee.
Nobel laureate Alvin Roth questions prediction markets' electoral accuracy
Roth's skepticism carries weight because his 2012 Nobel Prize recognized practical market design, not abstract theory. When a scholar who built real matching markets calls prediction markets' accuracy an open question, regulators and institutional allocators must treat electoral forecasting claims as unproven rather than established. The framing matters for platforms like Kalshi and Polymarket, which rely on academic credibility to defend their CFTC-regulated event contracts against gambling critiques. Roth's 'repugnant transactions' lens also signals a moral-philosophical challenge beyond empirical accuracy: even voluntary bets on elections may face growing cultural resistance. Platforms betting their growth on political contracts must now answer both whether their prices are right and whether the product itself is socially acceptable.
Kalshi sues Illinois over July 1 tax and licensing as Michigan judge blocks sports bets
Michigan's injunction forces Kalshi to geofence a state where it had been actively taking sports bets, directly shrinking its addressable market. The Illinois tax would impose a 15% levy on gross receipts from sports-related wagers, making its economics immediately uncompetitive against offshore platforms that pay no state levy. Kalshi's preemption argument — that CFTC registration places it beyond state gambling oversight — is now being tested in multiple courts simultaneously. A loss on either front invites other states to replicate Illinois's tax-and-license framework or Michigan's gambling enforcement. The platforms that survive this patchwork will be those that can afford parallel legal fights in every state that files.
Japan's prediction markets use shopping vouchers to bypass gambling laws
The voucher workaround creates a template for platforms in other Asian jurisdictions with hard gambling bans. Japanese courts and regulators tolerate the model, operators in South Korea, Thailand, and similar markets can adapt the same structure rather than wait for legislative reform. The loyalty-points and voucher variants are both pursuing the same legal distinction: non-cash rewards may fall outside gambling definitions, but that theory remains untested in any Japanese court. A single adverse ruling would collapse both models and force a retreat to pure social-prediction formats with no prizes at all. For now, the absence of enforcement gives domestic startups a narrow window to build user bases before regulators close the gap or global platforms find their own compliant entry path.
Prospect Prediction Markets exercises all outstanding warrants
Warrant exercise forces Prospect to issue new shares and deliver cash or stock to holders, diluting existing shareholders at a moment when the company needs exchange approval for a PSU grant. The TSX Venture Exchange sign-off is now a gate that can delay or restructure the deal if regulators scrutinize the dilution impact. For a thinly-traded dual-listed micro-cap, any hiccup with the TSX Venture Exchange reverberates into the OTCQB and Frankfurt tickers, widening bid-ask spreads and shaking retail confidence. Management's decision to trigger all warrants simultaneously rather than stagger them suggests they need the capital now or see limited upside in waiting. The combined paperwork load of warrant settlement plus PSU approval raises execution risk that investors pricing the three tickers have not fully discounted.
Robinhood event-contract volume reportedly one-quarter of Kalshi's
The volume gap frames Robinhood as Kalshi's largest CFTC-registered competitor rather than a dependent partner. Robinhood's shift from routing through Kalshi to its native Rothera infrastructure severs a revenue-sharing pipeline where each platform earned 1 cent per contract. Robinhood's prediction market revenue does surpass cryptocurrency as forecast, Kalshi loses its biggest retail distribution channel and must rebuild flow just as dedicated market-maker desks arrive. The $2.5 million spike on Robinhood's own exchange suggests that migration has begun; Kalshi's $40 billion valuation now depends on proving it can replace that lost volume with institutional flow or alternate retail partnerships.
Outlets question ethics of wildfire betting on Polymarket
The criticism puts Polymarket in a reputational bind that could harden into regulatory risk. Fire survivors are natural voices for legislators who already want to restrict event contracts, and ethicists quoted in national outlets give them mainstream credibility. If a state or federal regulator cites this coverage as evidence that certain contracts exploit catastrophe, Polymarket could face pressure to delist disaster markets voluntarily or defend them in a rulemaking. The $1.2 million in trading volume is small now, but the precedent of allowing natural-disaster betting is what regulators would target. Kalshi and Polymarket both share that exposure.
Kalshi in talks to raise at $40 billion valuation, nearly double May mark
Kalshi's $40 billion valuation target pressures Polymarket to match its fundraising pace or surrender the institutional capital that feeds platform liquidity. A widening valuation gap would let Kalshi outspend rivals on product and market-maker incentives just as both venues court the same DRW, Wintermute, and IMC desks.
CME plans to sue CFTC to block Kalshi's bitcoin perpetual futures
Kalshi to defend its perpetual-futures structure in court just as it races to convert $5.5 billion in two-week volume into sticky flow. An adverse ruling would compel Kalshi to restructure the product or exit the perps market entirely.
Kalshi CEO confirms IPO consideration but rules out 2026 listing
Kalshi must now deliver on its $40 billion valuation talks or see its funding window narrow as Robinhood and DraftKings build self-contained competing platforms that need no third-party exchange.
Wealthsimple partners with Kalshi to bring 4,000 event contracts to Canadian investors
Kalshi gains a retail distribution channel in Canada just as Robinhood routes World Cup contracts to Rothera while keeping some markets on Kalshi, threatening Kalshi's US volume. The Wealthsimple pipeline lets Kalshi replace slipping Robinhood flow with new international retail traders instead of fighting Rothera for the same American users.
Novig wins CFTC approval to operate Ludlow Exchange as designated contract market
Novig must now launch and capture liquidity before DraftKings' DKeX clears its self-certified contracts and Robinhood scales its existing brokerage distribution. ProphetX's five-day launch shows that first-mover advantage in this window is measured in days, not months.
Kalshi, Crypto.com and Polymarket sue to block Kentucky's 14.25% prediction markets tax
Kalshi and Polymarket must now defend Kentucky accounts from both Attorney General Coleman's state gambling suit and this tax challenge they filed against the same state. Any adverse ruling on either front risks forcing both platforms to geofence Kentucky while their federal CFTC registration is tested in preemption litigation.
Kalshi refers George Santos to DOJ and CFTC over State of the Union bets
Every CFTC-registered exchange must now demonstrate surveillance capable of catching insiders who trade on their own non-public schedules. Any platform that fails to self-report such abuse risks co-defendant exposure when DOJ and CFTC file parallel actions.
Senators demand CFTC investigate Polymarket over fake bets report
Polymarket must now answer to the CFTC on two tracks — an agency probe and a congressionally demanded investigation — while the staged-bet finding is fresh. Any determination that the tactic was systemic rather than isolated puts its CFTC exchange designation at direct risk.
Cboe launches Cboe Predicts with S&P 500 binary option contracts
Cboe's existing options exchange status lets it bypass the CFTC registration delays that slowed Kalshi and Polymarket, giving the world's second-largest stock exchange a structural speed advantage in capturing retail prediction-market flow.
Polymarket paid creators $1.9 million in fake bets on dummy sites
Polymarket now faces overlapping regulatory, congressional, and legal scrutiny that threatens its CFTC exchange designation. The CFTC is running a formal probe while fielding bipartisan senate demands on the same staged-bet facts, stretching enforcement bandwidth but also doubling Polymarket's document production and witness exposure. Any finding that the influencer campaign was systemic rather than isolated puts its designation at direct risk. Competitors like Kalshi gain ground while Polymarket fights on multiple fronts, and a CFTC move to restrict or revoke the designation would immediately redraw the regulated prediction-market map. The CFTC's formal probe comes just days after senators first demanded action, showing how quickly marketing tactics have become existential regulatory questions.
Charles Schwab and Cboe to launch S&P 500 binary options contracts
Schwab's 39 million accounts give Kalshi and Polymarket their first rival with existing retail scale and brokerage trust, not a startup fighting for user acquisition. Cboe's regulated options plumbing means Schwab can skip the CFTC registration slog that slowed earlier entrants.
Kalshi in talks to raise at $40bn valuation as IPO discussions progress
Kalshi's $40 billion valuation target and IPO talks underscore its dominance in prediction markets, pressuring rivals like Polymarket as revenue hits $2 billion annualized.
Kentucky AG Coleman sues Kalshi and Polymarket over alleged illegal sports betting
Kalshi and Polymarket must now defend Kentucky accounts from both Coleman's state gambling suit and the separate tax challenge they filed against the same state. Any adverse ruling on either front risks forcing both platforms to geofence Kentucky while their federal CFTC registration is tested in preemption litigation.
Gary Gensler files amicus brief backing Ohio against Kalshi in sports prediction market case
The brief arms Ohio and other states with a former dual-agency chair's authority to challenge CFTC jurisdictional claims, directly undermining Kalshi's federal preemption defense in its fights with Minnesota, Rhode Island, and New Mexico.
Novig and ProphetX win CFTC approvals as sports-native prediction exchanges
Novig must now race to launch and capture liquidity before DraftKings' DKeX clears its self-certified contracts and Robinhood scales its existing brokerage distribution. ProphetX's five-day launch shows that first-mover advantage in this window is measured in days, not months.
Polymarket becomes exclusive US prediction market partner of Liga MX
Polymarket now holds official league data relationships for both Liga MX and the World Cup broadcast cycle. If rivals like Kalshi and FanDuel Predicts cannot match comparable soccer federation tie-ins before the knockout stage, Polymarket will capture the bulk of tournament-related retail flow on CFTC-regulated venues.
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Upcoming Events
See allNew Jersey certiorari petition to the Supreme Court expected. After losing at the Third Circuit on April 7, the standard 90-day window places the cert petition deadline around early July. Would tee up the first SCOTUS review of prediction market regulation.
Ninth Circuit ruling window opens — Kalshi, Crypto.com, Robinhood v. Nevada. Oral arguments held April 16; panel leaned skeptical of the platforms. A loss for Kalshi creates the circuit split with the Third Circuit that accelerates Supreme Court review.
Interactive Brokers Q2 call (after close). Watch for ForecastEx volume guidance and any commentary on the CFTC's pending event-contract rulemaking.
Fourth Circuit ruling window — Kalshi v. Maryland. Panel questioned whether sports event contracts are "basically gambling" at the May 7 oral arguments. Could deepen the circuit split or align with the Third Circuit.