The Senate Commerce Subcommittee has scheduled a hearing for May 20 titled “No Sure Bets: Protecting Sports Integrity in America,” and if you follow this industry closely, the name alone tells you everything about who’s driving the agenda. Congress doesn’t call a hearing “No Sure Bets” because it’s trying to protect you. It calls aContinue reading “Senate Sports Betting Hearing: What the “No Sure Bets” Hearing Actually Means”
Tag Archives: Kalshi
Kalshi Is Running a Sportsbook and Calling It a ‘Prediction Market’ — And States Are Fighting Back
Kalshi raised $1 billion yesterday. Sequoia, a16z, and Coatue handed it over at a $22 billion valuation — making Kalshi one of the most richly valued companies in the prediction market space, or the sports betting space, depending on which regulator you ask. Arizona says the second one, and they’ve filed 20 criminal misdemeanor countsContinue reading “Kalshi Is Running a Sportsbook and Calling It a ‘Prediction Market’ — And States Are Fighting Back”
The Appeals Court Ruling That Could Send Sports Betting to the Supreme Court
Eight years ago, PASPA fell and 39 states built a $13-plus billion legal sports betting industry from the rubble. Now a federal appeals court ruling — and a circuit split that appears to be forming in real time — could bypass that entire structure, not through new legislation but through a 1974 commodities law thatContinue reading “The Appeals Court Ruling That Could Send Sports Betting to the Supreme Court”
Prediction Markets Want to Eat Sportsbooks’ Lunch — And They Might Actually Do It
The day Kalshi launched Combos — its parlay product — DraftKings stock dropped 12% in a single session. Two and a half billion dollars in market cap, gone. Not because Kalshi had that many users. Because Wall Street finally believed the threat was real. This is the most important fight in American gambling since aContinue reading “Prediction Markets Want to Eat Sportsbooks’ Lunch — And They Might Actually Do It”
DraftKings Is Spending $48M to Kill Prediction Markets While Secretly Building One — This Is the Industry
A federal appeals court ruled on April 6 that Kalshi’s sports contracts are legal “swaps” under the Commodity Exchange Act, putting the CFTC — not state gaming boards — in the driver’s seat on prediction markets. The Third Circuit went 2-1. The dissenting judge called it “a performative sleight meant to obscure the reality thatContinue reading “DraftKings Is Spending $48M to Kill Prediction Markets While Secretly Building One — This Is the Industry”
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