Kalshi notches Arizona court win as parlays fuel volume, FanDuel pushes ahead
A court ruling in Arizona went in Kalshi's favor, adding to the prediction market platform's legal momentum. The win comes as most of Kalshi's recent volume growth has been driven by parlays, a riskier betting structure that bundles multiple predictions into a single contract. The development unfolded alongside broader industry activity: FanDuel is investing aggressively in its prediction market expansion despite minimal early revenue, courts are driving conflict between states and federal regulators, and Washington legislative involvement in prediction market oversight is growing. Separately, Limitless has applied to become a CFTC-regulated prediction market, and Underdog hired former Crypto.com Chief Legal Officer Nick Lundgren.
Kalshi's Arizona victory reduces state-level legal exposure just as its parlay-driven volume spike attracts regulatory scrutiny, giving the platform a cleaner runway to scale risky products before Congress or the CFTC act.