Subscribe
Deals4h ago

Trump Jr.'s 1789 Capital commits $300M to Polymarket round at $21B value

Why this matters?

Polymarket gains political capital that Kalshi cannot match. Trump Jr. is already lobbying Republican state attorneys general to drop enforcement against prediction market platforms, and this investment tightens that alignment.

Read more

Prospect Markets signs Crypto.com white-label deal for U.S. event contracts

2h ago

Kalshi partners with Alpaca to push event contracts through global brokerage pipes

23h ago

Crypto.com and PYMNTS launch AI prediction market contracts on OG.com

28h ago

Prospect Markets joins Crypto.com derivatives arm for regulated U.S. entry

21h ago

Latest Deals headlines

Trading Technologies adds OG.com as second prediction market venue

35h ago

More MLB teams sign prediction market sponsorships as leagues split on deals

2d ago

Kalshi partners with The Weather Company on weather data and app distribution

4d ago

NFL rejects prediction market deals, keeps three sportsbook partners for 2026

5d ago

Kalshi nears sponsorship deal with The Athletic ahead of NFL season

5d ago

High Roller signs mrkts.com to power ROLR prediction market through Crypto.com

6d ago

Gemini signs LOI to become exclusive Apex venue for crypto event contracts

7d ago

High Roller advances U.S. prediction markets launch via Crypto.com derivatives deal

11d ago

Cantor opens Kalshi block trading to institutional clients via Susquehanna

11d ago

Winners Inc. wins Anjouan gaming license for Mevu prediction market terminal

13d ago

PredictBay emerges from stealth with one-minute Sui prediction markets and $26.1bn in paper volume

14d ago

Kalshi signs exclusive Catalist Sports streaming and data deal

14d ago

Deals Top Stories

Polymarket seeks over $20bn valuation in new funding round

The $20 billion target forces Polymarket to prove its metrics justify a multiple that assumes continued regulatory toleration. Investors must weigh growth against a bipartisan Senate bill that would ban sports event contracts and state attorney general actions that have already pierced federal preemption claims. Kalshi and Polymarket face identical legal exposure, so the platform that first builds insider surveillance and tax-reporting infrastructure may keep its valuation edge. A federal ban would remove the core sports vertical nationwide without court delay. Polymarket's April capital raise at a lower valuation now looks like a benchmark it must double before a regulator moves first.

25d ago

Kalshi signs exclusive deals with five MLB teams, but two lack exclusivity

Kalshi's MLB team push is a bet that branding beats geofencing costs. Stadium signage and official partner status drive user acquisition in states where sportsbooks cannot operate legally, giving Kalshi a temporary channel monopoly. That advantage narrows if state attorneys general succeed in blocking trading venue by venue, as Washington's halt order already demonstrates. The platform must now defend contracts in Massachusetts and California courts while promoting them on jumbotrons. Each team deal becomes a litigation target, and any injunction against a specific state's fans voids the marketing spend behind that market. Rivals Polymarket and Novig face identical state exposure, but Kalshi's higher profile makes its partnerships the first test of whether CFTC registration can survive local sports-betting bans.

6d ago

ICE eyes deeper Polymarket stake as valuation tops $20B

ICE's renewed commitment validates Polymarket's $20 billion price tag before the platform proves it can sustain that multiple. The exchange operator's existing $1.6 billion stake means it now has real leverage to shape governance and commercial terms. For Kalshi, which is simultaneously chasing a $40 billion valuation, ICE's signal tightens the funding window: institutional capital is finite, and two platforms cannot both price in flawless regulatory outcomes. The competitor that closes first defines the valuation ceiling the other must match. Polymarket's banking vulnerability remains unresolved after JPMorgan debanked it, so every fresh dollar from ICE also extends runway to find replacement custody rails. A bipartisan Senate bill threatening to ban sports event contracts still looms, and neither platform has built the insider surveillance or tax infrastructure that would soften enforcement. The race is between fundraising speed and regulatory friction.

11d ago

Polymarket and Sportradar expand partnership to 20-plus sports leagues

The deal gives Polymarket exclusive live data and streaming rights competitors cannot easily match. Sportradar's premium feeds now cover the Bundesliga and Grand Slam tennis, categories where Kalshi has no comparable content. That content gap matters because Trading Technologies just added OG.com as a second prediction-market venue, giving institutions a choice of where to route orders. For Kalshi, the timing is tight: its weather-data partnership with The Weather Company defends its fastest-growing vertical but does nothing for sports. Traders who want live-event contracts with streaming verification will gravitate to Polymarket's Sportradar-backed markets first. The first quarterly volume split between Kalshi and Polymarket sports contracts will show how much data exclusivity drives trading flow. Sportradar deepens its role as infrastructure provider across the regulated prediction-market stack, not just one platform.

4d ago

Kalshi in talks to raise $750M at $40B valuation with Sequoia, Wellington

The $40 billion target forces Kalshi to justify a valuation jump before it proves the Robinhood partnership can sustain volume at scale. Competitor Polymarket is simultaneously chasing its own $20 billion-plus round, so both platforms are now pricing in growth that assumes no federal ban on sports event contracts and no further state preemption losses. For Kalshi specifically, the near-doubling of valuation in three months puts pressure to show the Apex API rollout and Robinhood distribution are converting to locked-in revenue share, not just borrowed traffic. Sequoia's re-up signals confidence, but Wellington's participation suggests institutional capital now treats prediction markets as a stand-alone asset class needing allocation, not a crypto tangent. The round size and speed also raise the bar for DraftKings, whose DKeX build-out must prove vertical integration beats Kalshi's partnership model. First close matters: the platform that finalizes first defines the valuation multiple others must match or undercut.

16d ago

Kalshi raises $1.12 billion of $1.5 billion equity offering, SEC filing shows

The $1.12 billion in committed capital gives Kalshi a war chest to defend its market position on multiple fronts simultaneously. Polymarket just expanded its Sportradar data partnership to cover 20-plus leagues, while Novig opened with $125 million in first-week sports volume that reset liquidity expectations. Kalshi needs this funding to match those competitive moves and to defend its MLB team deals in court against state attorneys general who have already halted trading in Washington. The remaining $380 million in authorized but unsold equity means Kalshi can return to investors quickly if burn accelerates. For prediction market operators, the round signals that venture and private capital continues to favor CFTC-regulated venues at scale. That funding access becomes a competitive moat smaller platforms cannot cross.

6d ago

Our sister site

Live now

The smarter way to follow elections.

Real-time prediction market odds, insights, fundraising, polling, and candidate profiles — so you can see what's happening now and find your edge.

Visit PredictionEdge.com

Frequently Asked Questions

Who owns Kalshi?

Kalshi is a private company founded in 2018 by Tarek Mansour and Luana Lopes Lara. It has raised funding from Sequoia Capital, Charles Schwab, Henry Kravis, Citadel’s Ken Griffin, and others; it is not publicly traded.

Did DraftKings buy Kalshi?

No. DraftKings has a distribution deal that lists Kalshi event contracts inside the DraftKings app — Kalshi remains an independent CFTC-regulated exchange. DraftKings (NASDAQ: DKNG) and Kalshi are separate companies.

When did Polymarket relaunch in the US?

Polymarket re-opened to US users in 2025 after acquiring QCEX, a CFTC-licensed Designated Contract Market. Before the acquisition, Polymarket geo-blocked US users following a 2022 CFTC settlement.

Who acquired ForecastEx?

Interactive Brokers (NASDAQ: IBKR) acquired ForecastEx outright. The acquisition gave Interactive Brokers a CFTC-licensed event-contracts venue plumbed directly into its brokerage platform.

How much is Kalshi worth?

Kalshi is private and does not disclose a public valuation. Its most recent disclosed funding round and reporting on subsequent secondary trades have implied a valuation in the multi-billion-dollar range; the Deals section tracks each new round and secondary as it surfaces.

Is there a prediction markets IPO coming?

No US-listed pure-play prediction markets company has filed for IPO as of mid-2026. Kalshi and Polymarket are private; ForecastEx now trades inside Interactive Brokers. The Deals section flags any S-1 or registration statement the moment it lands.