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Deals22h ago

Underdog launches UDX exchange with self-certified sports contracts

Why this matters?

Underdog's vertical integration removes the third-party rails that previously split its customer flow between Kalshi and Crypto.com. The company now keeps exchange fees, clearing revenue, and customer data in-house.

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Pascal raises $9 million to challenge Polymarket and Kalshi with futures-style prediction markets

27h ago

Crypto.com raises $400 million from Citadel Securities at $20B valuation

31h ago

Blockchain.com integrates Polymarket for 43 million users ahead of World Cup semifinals

3d ago

Kalshi in talks to raise at $40 billion valuation, nearly double May mark

21d ago

Latest Deals headlines

Kalshi and Polymarket land sports deals in mainstream push

2d ago

DAZN and ADI Predictstreet team on regulated sports prediction markets

2d ago

UFC, Polymarket and Meta donate $100K to veteran charities

3d ago

DraftKings launches in-house DKeX exchange, ending Crypto.com and CME partnerships

3d ago

tZERO introducing broker wins CFTC registration and NFA membership

3d ago

OddsON launches prop trading firm for sports prediction markets

3d ago

OpenAI puts Kalshi World Cup odds in ChatGPT search results

4d ago

Evercore Holdings acquires prediction market platform TraXion

4d ago

XOVR ETF invests $30 million in regulated prediction market Kalshi

4d ago

Polymarket deploys TikTok and Instagram influencers in Kalshi rivalry

5d ago

RealClearPolitics adds Polymarket data to 2026 election forecasting maps

7d ago

Horizon and Elwood add Kalshi connectivity for institutional desks

8d ago

Deals Top Stories

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.

18d ago

Meta weighed Kalshi buyout before building play-money Arena

The revealed talks expose the strategic value Kalshi held in Zuckerberg's eyes at the moment of peak prediction-market hype, and what Meta chose to walk away from. Kalshi, the disclosure is a double-edged signal: it validates the platform as acquisition-worthy at a time when it is pitching a $40 billion valuation, yet it confirms that the largest distribution gatekeeper in social media opted to compete rather than pay. Arena now enters market with full knowledge of Kalshi's product mechanics, user flow, and revenue model from those same discussions. Kalshi must prove its real-money regulatory edge can outpace a free rival with zero user acquisition cost across 3 billion daily users.

15d ago

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.

22d ago

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.

24d ago

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.

28d ago

Zuckerberg directs Meta to build play-money prediction market app Arena

Even a modestly engaged play-money base across Meta's 3 billion daily users would force Polymarket and Kalshi to defend against a free rival with zero acquisition cost. The CFTC-regulated platforms must now prove their real-money edge can convert users that Meta's scale could scoop at no marginal expense.

12d ago

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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.