Kalshi and Polymarket Secure Partnerships Amid Legal Battles
Kalshi and Polymarket scored major partnerships as state legal battles continue to escalate.
Tradeweb, the financial trading firm, announced its partnership with Kalshi on Thursday. Kalshi’s markets will be made available to over 3,000 clients across 85 countries. Tradeweb also plans to offer an institutional trading portal for large customers to hedge positions on Kalshi. Kalshi CEO Tarek Mansour posted on X:
“This partnership will give Tradeweb’s corporate client base access to better risk pricing and the ability to hedge against a wide range of events that are top of mind: recession this year? new tariff wave? election outcome? Fed cut? government shutdown? Hurricane in Florida? New legislation?”
The Tradeweb partnership follows the publication of a Fed paper touting Kalshi’s accuracy in forecasting Fed rate cuts and inflation rates. The paper found that Kalshi’s markets performed better than surveys or traditional derivatives. Researchers also saw value in the markets’ immediate reaction to news and real-time updates.
Kalshi’s rival, Polymarket, also made big news with a major partnership announcement.
Polymarket comes to Substack
Crypto prediction market platform Polymarket announced its integration with Substack on Wednesday. Substack authors will be able to include Polymarket markets in their newsletters. In the announcement, Polymarket wrote that “Journalism is better when it’s backed by live markets.”
This latest media partnership brings prediction markets to independent writers and their audiences. It’s also another major move of prediction markets into journalism, following Kalshi’s partnerships with CNN and CNBC.
As prediction markets expand, Kalshi’s Nevada case remains the most contentious state court case against event contracts’ 50-state access.
Nevada’s remand to state court
On Thursday, Nevada filed an emergency motion to return its case against Kalshi to state court after the prediction market removed it to federal court. Judge Andrew Gordon could rule on the motion as early as next week.
Should Nevada prevail, it could force Kalshi to geofence and block its sports contracts from Nevada residents. Polymarket and Coinbase have already blocked Nevada users while they battle their cases against Nevada’s gaming regulators.