AGA Continues War Against Prediction Markets
The American Gaming Association’s (AGA) annual State of the Industry webinar was a celebration of 2025’s growth and a call to organize state governors and attorneys general against prediction markets.
The AGA’s Senior Vice President of Government Relations Chris Cylke held a fireside chat with former New Jersey Governor Chris Christie. When asked about sports contracts, Christie responded, “This is not a commodity. This is a bet. Everybody knows what this is.”
He criticized prediction markets’ lack of investment in state responsible gaming programs. He also took issue with prediction markets for not paying state tax revenue. While he called on members of the gaming industry to engage state governors, attorneys general, and their customers, Christie also made an ask of Congress:
“Hopefully, what Congress does is bring some real clarity to this and make sure that folks know that this is a state business, not a federal business. From the federal government’s perspective, Congress are the people who can do that, and they should.”
AGA President Bill Miller ended with a reaffirmation to fight against the expansion of sports contracts.
Kalshi’s insider trading cases and protections
Kalshi’s announcement of two completed insider trading cases failed to alleviate concerns about certain markets.
In an interview with 0xTyrael, a successful mention markets trader, 0xTyrael pointed out that some markets are more vulnerable to insider trading than others. He took particular issue with mention markets on pre-taped interviews. In a live interview, there’s no final transcript or recording that can be profited from before air.
The CFTC may prohibit market manipulation, but prediction market platforms are continuing to expand into new markets instead of trimming old ones.
Other startups are looking to make event contracts directly available on social media feeds.
Kash brings prediction markets to social media
On Tuesday, Kash announced its $2 million pre-seed funding round. Kash aims to replace comment sections with prediction markets as a technological solution to poor arguments and misinformation.
Our mission at Kash is to completely redefine how the world prices and distributes beliefs.
We are meeting YOU where you already are, starting with social media.
To accelerate this journey, we are proud to have partnered with top-tier VCs and raised $2M to bring prediction… pic.twitter.com/PUdjS35yNW
— kash (@kash_bot) February 24, 2026
“We’re embedding an entirely new financial vehicle where people already live, and enabling users to place, and even permissionlessly create prediction markets, directly from their feed.” said Lucas Martin Calderon, Founder and CEO of Kash. “People already hold opinions on elections, macro, sports, and culture. Kash transforms those opinions into tradable positions and rewards those who are right.”
Smaller crypto companies have experimented with user-generated prediction markets on social media feeds. These companies face liquidity challenges, because markets must have enough publicly available information and user opinions to aggregate.
Kash will use a bonding curve to address the liquidity challenge. Bonding curves link prices to fixed demand, so markets have continuous trades without traditional order books. It’s the latest on-chain experiment with using crypto to make prediction markets even more ubiquitous.