Kalshi

Kalshi Inc.

Type| Private
Industry| Sports betting, Prediction Betting
Founded| 2018; 8 years ago (2018)
Founders|

* Tarek Mansour
* Luana Lopes Lara

Headquarters| 594 Broadway
New York, NY 10012
U.S.[1]
Website| {{{1}}}

Kalshi Inc. is a web-based prediction market platform based in Manhattan, New York City and launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of the activity on the site[2][3] and 89% of the site's revenue in 2025.[4] Activity on the site is described as "heavily tied to the sports calendar" by analysts.[5]

To a smaller extent, the platform is also used to trade on future events other than sports, including economic indicators, cultural events, technological developments and political outcomes.

The site has been involved in several controversies and lawsuits regarding the legality of its sports and election markets, the ethics of allowing wagers on sensitive geopolitical issues, and insider trading.[6][7][8] Concerns over election integrity and decreasing public trust in the democratic process caused by election betting were raised by consumer advocacy groups and politicians.

Scholars have challenged that Kalshi efficiently and accurately aggregates information about outcomes.[9]

## Contents

* 1 History
* 2 Controversies
* 2.1 Efforts to make the site accessible for younger audiences
* 2.2 Betting on Gaza war
* 2.3 Opposition to Kalshi's election betting
* 2.4 Holding back payouts of won NFL bets
* 2.5 AI generated ads
* 2.6 Insider trading
* 2.7 Khamenei death
* 3 Legal issues
* 3.1 Massachusetts
* 3.2 New York
* 3.3 Ohio
* 3.4 Arizona
* 3.5 Nevada
* 3.6 Washington
* 3.7 Restricted countries
* 4 See also
* 5 References
* 6 External links

## History

In 2018, Kalshi was established by Tarek Mansour and Luana Lopes Lara,[10] two financial analysts. Initially, the project was briefly known as "Kownig".[11]

In November 2020, Kalshi attained a license from the Commodities Futures Trading Commission, registering the platform as a designated contract market.[12][13][14] The site was publicly launched in July 2021.[15]

Beginning in 2022, Kalshi's attempts to offer political and election-related betting faced sustained legal and regulatory challenges from the CFTC.[16][17][18] The CFTC delayed decisions on these contracts, questioning whether they constituted valid risk-hedging tools and if they served the public interest. Internal disagreement emerged, with Commissioner Caroline Pham dissenting and arguing the contracts were not prohibited and did not require a public-interest test.[19]

In 2023, another months-long legal dispute began between Kalshi and the CFTC. Kalshi repeated that its contracts serve the public interest. In contrast, the CFTC contends that these contracts constitute illegal gambling and that it lacks the resources to oversee them effectively. Chairman Rostin Behnam has cautioned that allowing election contracts could "ultimately commoditize and degrade the integrity" of the electoral process.[20] Despite revised proposals allowing very large bets by hedge funds and institutions, the CFTC ultimately rejected Kalshi's congressional control contracts in September 2023. Kalshi responded by suing the agency, claiming it exceeded its authority.[21][22][23][24]

After a 2024 ruling by the DC District Court, CFTC had overstepped by blocking the contracts, and an appellate court later rejected the CFTC's request for a stay, Kalshi was allowed to relaunch its congressional control betting operations.[25][26][20][27]

In 2025, Kalshi became the infrastructure for Robinhood's event contracts Prediction Markets Hub.[28]

Following a $300 million Series D funding, Kalshi was valued at $5 billion as of October 2025.[29]

In 2025, Kalshi signed formal partnerships with media outlets CNN and CNBC, possibly bringing betting odds into NFL television broadcasts, as is already common for data from traditional sportsbooks.[30][31][32] A volume of $3–5 billion was bet on NFL games, with Barron's saying that "Kalshi [...] Need[s] the NFL.[31] Mansour said "The long-term vision is to financialize everything and create a tradeable asset out of any difference in opinion."[33] In December of that year, Kalshi raised $1 billion in a funding round that valued the company at $11 billion.[34]

## Controversies

### Efforts to make the site accessible for younger audiences

In 2025, Kalshi engaged in efforts to create a "student ambassadors" program where students could sign up to promote Kalshi on their campuses, in order to "[bring] the next 100M users to prediction markets." Following the backlash, the related social media post and webpage were taken down.[35][36]

### Betting on Gaza war

The site has been heavily criticized for including and thus capitalizing on humanitarian issues, such as whether the Palestinian population would be suffering from a food shortage due to the Gaza war.[37][38][39][40][41]

### Opposition to Kalshi's election betting

While Kalshi argues that betting on political event would improve oversight to political and economic developments while also providing accurate forecasting data (which has been challenged by scholars),[42] critics such as Consumer advocacy groups like Better Markets contend that election betting could undermine election integrity and public trust by turning elections into speculative trading vehicles.[26] In August 2023, in a letter to the CTFC, Democratic senators Jeff Merkley, Sheldon Whitehouse, Ed Markey, Elizabeth Warren, Chris Van Hollen and Dianne Feinstein urged the CFTC to reject Kalshi's proposal, raising concerns over electoral integrity. The 2024 ruling that permitted Kalshi to relaunch its election outcome betting was described as "a sad and ominous day for election integrity" by Stephen Hall of Better Markets.[20][43]

### Holding back payouts of won NFL bets

In January 2026, users who held correct positions on certain NFL bets were only repaid their original stake, rather than the full winnings. Only following backlash by many users and gambling industry analyst Dustin Gouker, Kalshi reacted and paid out the users.[44]

### AI generated ads

During the NBA finals, Kalshi aired an ad that was created using generative AI models, such as Google's Veo 3 and OpenAI's ChatGPT. Reactions to the ad that was created by a self-proclaimed "AI filmmaker" were decidedly mixed, with Business Insider deeming it "chaotic".[45][46]

### Insider trading

In February 2026, a video editor for YouTuber MrBeast was fined and suspended from Kalshi for suspected insider trading.[47][48][49]

### Khamenei death

A market for the ousting of the Supreme Leader of Iran was hosted on the site. Upon Ali Khamenei's death, Kalshi froze the trade, citing it does not allow transactions "directly tied to death".[50] A total of $77 million in winnings for people who had bet that Khamenei would be out of office by 1 March 2026 were not paid out.[51]

## Legal issues

### Massachusetts

In September 2025, Massachusetts Attorney General Andrea Campbell filed a lawsuit that accused Kalshi of "promoting and accepting sports wagers" without following Massachusetts gambling laws, as the practice is banned there.[52]

In January 2026, a Massachusetts Superior Court judge issued a preliminary injunction against Kalshi, effectively banning the platform from offering sports-based betting within the state. Under the court order, Kalshi was required to implement geofencing technology to block Massachusetts residents from accessing sports-related markets on its platform.[53]

### New York

In November 2025, a proposed class action lawsuit was filed against Kalshi in New York state, alleging that Kalshi "engaged in illegal deceptive activity, and unjustly enriched itself at the expense of tens of thousands of consumers" by operating unlicensed sports betting as well as leading users to unknowingly bet against Kalshi or its partners rather than against other users. Kalshi co-founder Luana Lopes Lara called the lawsuit "baseless".[54]

### Ohio

On March 9, 2026, Ohio federal judge Sarah D. Morrison ruled that Kalshi's products amounted to gambling in the state of Ohio and should come under the jurisdiction of the Ohio Casino Control Commission rather than the CFTC. Morrison's opinion expressed she wanted to "avoid absurdity".[55] Ohio Attorney General Dave Yost celebrated the ruling, commenting on X that the ruling was a "big win" for the state. Kalshi, in its response, pledged to appeal, citing a positive injunctive ruling coming from Tennessee.[56]

### Arizona

In March of 2026, Arizona Attorney General Kris Mayes and state prosecutors filed criminal charges against Kalshi, alleging that it was running an illegal gambling business and election wagering.[57] The release noted that Arizonans were able to bet on professional and sporting events, individual player performance, and political issues, like whether the SAVE Act would become law. The 20 charges were all misdemeanors, punishable by fines up to $20,000.[58] Kalshi said in a statement that the charges were "meritless" and they were looking forward to fighting the charges in court.[59]

### Nevada

In March of 2026, a temporary ban on Kalshi was enacted in the state of Nevada. On 20 March 2026, the first Judicial District Court of Nevada issued a 14-day restraining order, barring the company from "offering a derivatives exchange and prediction market which offers event-based contracts relating to sports, election, and entertainment related events" without having first obtained gambling licenses.[60]

### Washington

On March 27, 2026 the state of Washington filed a lawsuit against Kalshi, alleging that the company has been operating in violation of state laws concerning illegal gambling.[61] On the same day Kalshi filed a notice of removal to federal court, arguing that the charges concern federally regulated derivatives.

### Restricted countries

As of March 2026, 52 international jurisdictions have taken steps to restrict accessibility to Kalshi. Those are:[62]

* Afghanistan
* Algeria
* Angola
* Australia
* Belarus
* Belgium
* Bolivia
* Bulgaria
* Burkina Faso,
* Cameroon,
* Canada,
* Central African Republic,
* Côte d'Ivoire,
* Cuba,
* Democratic Republic of the Congo,
* Ethiopia,
* France,
* Haiti,
* Hungary,
* Iran,
* Iraq,
* Italy,
* Kenya,
* Laos,
* Lebanon,
* Libya,
* Mali,
* Monaco,
* Mozambique,
* Myanmar (Burma)
* Namibia,
* New Zealand,
* Nicaragua,
* Niger,
* North Korea,
* People's Republic of China,
* Poland,
* Russia,
* Singapore,
* Somalia,
* South Sudan,
* Sudan,
* Switzerland,
* Syria,
* Taiwan,
* Thailand,
* Ukraine,
* United Arab Emirates,
* United Kingdom,
* Venezuela,
* Yemen,
* Zimbabwe

## See also

* CME Group
* Intrade
* iPredict
* Polymarket
* Manifold (prediction market)

## References

1. ↑ "Kalshi". Built in NYC. https://www.builtinnyc.com/company/kalshi/offices.
2. ↑ Learner, Sam (December 19, 2025). "Prediction markets barely make money; sportsbooks make money". Financial Times. https://www.ft.com/content/1ac03f57-bd5d-4196-85ff-4bd96dc69e0d.
3. ↑ Lobo, Rhea (2026-01-07). "Kalshi's Claim of $100 Billion Annualized Volume Met with Doubt" (in en-US). https://www.gamblinginsider.com/news/101497/kalshi-claim-100-billion-annualized-volume-met-with-doubt.
4. ↑ O'Boyle, Daniel (9 January 2026). "Kalshi Fee Revenue In 2025 Was $263.5 Million, With 89% Coming From Sports". https://finance.yahoo.com/news/kalshi-fee-revenue-2025-263-145801350.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKnX9YqS51JeY0fXJ3wMKEVZK8Hk4wYg5gVT8CDzQx7vHaixV9cm8ttDTbN7de0ZBYfeofx7sTi1ExE-tMolIH6AP-nCXxRaTSgGiXi9MuQxzPa2xOdEgSrUnXD_-NOd2GPZ8Jr-DqFq1ONZ7MXLBV-KoVsL18oUGworDlqv4NdO.
5. ↑ Lobo, Rhea (2026-01-07). "Kalshi’s Claim of $100 Billion Annualized Volume Met with Doubt" (in en-US). https://www.gamblinginsider.com/news/101497/kalshi-claim-100-billion-annualized-volume-met-with-doubt.
6. ↑ Funt, Danny (2025-12-12). "America's Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks.
7. ↑ Warzel, Charlie (2026-03-05). "The Central Lie of Prediction Markets" (in en). https://www.theatlantic.com/technology/2026/03/central-lie-prediction-markets/686250/.
8. ↑ Funt, Danny (2025-12-12). "America’s Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks.
9. ↑ Sides, John (2025). "The perils of election prediction markets" (in en-US). https://goodauthority.org/news/the-perils-of-election-prediction-markets/.
10. ↑ "Kalshi". https://www.forbes.com/profile/kalshi/.
11. ↑ Scola, Nancy (November 4, 2022). "Could Gambling on Elections Be 'Bigger Than Sports Betting'? A Trading Startup Shoots Its Shot". https://www.theinformation.com/articles/could-gambling-on-elections-be-bigger-than-sports-betting-a-trading-startup-shoots-its-shot.
12. ↑ Vaughan, Liam; Bain, Benjamin (May 26, 2022). "A New Prediction Market Lets Investors Bet Big on Almost Anything". Bloomberg.com. https://www.bloomberg.com/news/features/2022-05-26/kalshi-s-stock-market-of-the-world-let-s-you-bet-on-anything.
13. ↑ Wilson, Alexandra. "By the Numbers: Meet the Forbes under 30 Class of 2022". https://www.forbes.com/sites/alexandrawilson1/2021/12/01/by-the-numbers-meet-the-forbes-30-under-30-class-of-2022/.
14. ↑ Wilson, Alexandra. "Tarek Mansour, 25, Cofounder & CEO, Kalshi – 2021-12-01 – 2022 30 Under 30: The Standouts". https://www.forbes.com/pictures/61a641932f1949817a03d8ca/tarek-mansour-25-cofounde/.
15. ↑ Kauflin, Jeff. "From Fintech's Top Founders To Wall Street's Best Dealmakers: 30 Under 30 Finance 2022". https://www.forbes.com/sites/jeffkauflin/2021/12/01/from-fintechs-crypto-top-founders-to-wall-streets-best-dealmakers-30-under-30-finance-2022/.
16. ↑ Pound, Jesse (December 29, 2021). "This new exchange lets investors vote yes or no on major events to hedge their portfolios". https://www.cnbc.com/2021/12/29/this-new-exchange-lets-investors-vote-yes-or-no-on-major-events-to-hedge-their-portfolios.html.
17. ↑ "Notice of Affiliate Entity Member". 2021-09-21. https://kalshi-public-docs.s3.amazonaws.com/regulatory/notices/emergency_rule_filing_v2_2021.09.21.pdf.
18. ↑ "Will prediction markets live up to the hype?". The Economist. February 19, 2022. ISSN 0013-0613. https://www.economist.com/finance-and-economics/2022/02/19/will-prediction-markets-live-up-to-the-hype.
19. ↑ Beyoud, Lydia (April 20, 2023). "The Startup That Lets Hedge Funds Bet Millions on Real-Life Events". Bloomberg.com. https://www.bloomberg.com/news/articles/2023-04-20/hedge-funds-are-wooed-by-startup-to-bet-millions-on-real-events.
20. ↑ 20.0 20.1 20.2 Blackburn, Piper Hudspeth (October 2, 2024). "Federal appeals court allows prediction market Kalshi to offer US election betting". https://edition.cnn.com/2024/10/02/business/appeals-court-allows-kalshi-election-betting/index.html.
21. ↑ Harty, Declan; Warmbrodt, Zachary (June 30, 2023). "A political betting revival?". https://www.politico.com/newsletters/morning-money/2023/06/30/a-political-betting-revival-00104355.
22. ↑ Beyoud, Lydia (June 16, 2023). "Hedge Funds Could Bet $100 Million on US Election in Kalshi Plan". Bloomberg.com. https://www.bloomberg.com/news/articles/2023-06-16/hedge-funds-could-bet-100-million-on-us-election-in-kalshi-plan.
23. ↑ Matthews, Laura (September 22, 2023). "CFTC rejects derivatives contracts 'gambling' on US congressional control". https://www.reuters.com/article/idUSL1N3AY1X7/.
24. ↑ Harty, Declan. "POLITICO Pro: Kalshi sues CFTC over election betting bid denial". https://subscriber.politicopro.com/article/2023/11/kalshi-sues-cftc-over-election-betting-bid-denial-00124658.
25. ↑ Harty, Declan (October 2, 2024). "Political bettors hit the jackpot as court clears election markets for comeback". Politico. https://www.politico.com/news/2024/10/02/election-betting-markets-00182165.
26. ↑ 26.0 26.1 Matthews, Laura (October 2, 2024). "US appeals Court Clears Kalshi to Restart Elections Betting". Reuters. https://www.reuters.com/legal/us-federal-court-upholds-ruling-letting-kalshiex-list-election-betting-contracts-2024-10-02/.
27. ↑ Mangan, Dan (October 2, 2024). "Kalshi Resumes Taking Bets on U.S. Election after Appeals Court Lifts Freeze". https://www.cnbc.com/2024/10/02/bets-on-congressional-races-allowed-cftc-appeals-court.html.
28. ↑ Ashraf, Aoyon. "Robinhood Partners With Kalshi to Launch NFL and College Football Prediction Markets". Yahoo Finance. https://sg.finance.yahoo.com/news/robinhood-partners-kalshi-launch-nfl-155902168.html.
29. ↑ Sander, Marta (October 12, 2025). "Kalshi Expands to 140 Countries After $300M Funding Round". https://epicwins.io/2025/10/12/kalshi-raises-300m-and-expands-to-over-140-countries/.
30. ↑ "Kalshi to become CNN's official prediction market partner". https://news.kalshi.com/p/kalshi-cnn-prediction-market-partnership.
31. ↑ 31.0 31.1 Monica, Paul R. La. "Will the Supreme Court Scrap Trump's Tariffs? Here's What Betting Markets Say." (in en-us). https://www.barrons.com/articles/betting-markets-supreme-court-tariffs-1ba90930.
32. ↑ "CNBC News Releases CNBC and Kalshi Strike Exclusive Partnership". December 4, 2025. https://www.cnbc.com/2025/12/04/cnbc-and-kalshi-strike-exclusive-partnership.html.
33. ↑ Sadowski, Jathan (11 December 2025). "The Kalshi-fication of everything". Fast Company. https://www.fastcompany.com/91457404/kalshi-betting-gambling-polymarket.
34. ↑ Merced, Michael J. de la (2025-12-02). "Kalshi, a Prediction Market, Raises $1 Billion in a New Round" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2025/12/02/business/dealbook/kalshi-prediction-market-billion.html.
35. ↑ Davies, Rachael (September 22, 2025). "Kalshi backtracks on student ambassador program after backlash". https://readwrite.com/kalshi-backtracks-on-student-ambassador-program-after-backlash/.
36. ↑ Willis, Jay (September 6, 2025). "Kalshi found a backdoor to sports gambling, and is throwing it open to everyone". Fast Company. https://www.fastcompany.com/91399289/kalshi-prediction-markets-sports-gambling.
37. ↑ Johnson, Adam (2025-12-05). "CNN partners with Kalshi, a gambling app that lets you wager on starvation in Gaza" (in en-US). https://therealnews.com/cnn-partners-kalshi-gambling-app-starvation-gaza. ""Will the IPC classify Gaza as experiencing famine this year?" read the wager from this past summer. The bet was eventually settled in the affirmative after the Integrated Food Security Phase Classification (IPC) did indeed declare famine in Gaza on Aug. 22."
38. ↑ "US-Medien / CNN-Zuschauer können künftig während Nachrichtensendungen auf Kriegsereignisse wetten" (in de-DE). https://www.tageblatt.lu/headlines/cnn-zuschauer-koennen-kuenftig-waehrend-nachrichtensendungen-auf-kriegsereignisse-wetten/.
39. ↑ Parmar, Tekendra (2025-12-29). "These Apps Let You Bet on Deportations and Famine. Mainstream Media Is Eating It Up." (in en-US). https://theintercept.com/2025/12/29/polymarket-kalshi-betting-prediction-cnn-news-media/.
40. ↑ Hamadeh, Abe (2025-12-16). "Congressman Hamadeh Demands Answers from Commodity Futures Trading Commission Regarding CNN/Kalshi Partnership" (in en). http://hamadeh.house.gov/media/press-releases/congressman-hamadeh-demands-answers-commodity-futures-trading-commission.
41. ↑ Funt, Danny (2025-12-12). "America's Betting Craze Has Spread to Its News Networks" (in en-US). The New Yorker. ISSN 0028-792X. https://www.newyorker.com/news/the-lede/americas-betting-craze-has-spread-to-its-news-networks. Retrieved 2026-01-03.
42. ↑ Sides, John (2025). "The perils of election prediction markets" (in en-US). https://goodauthority.org/news/the-perils-of-election-prediction-markets/.
43. ↑ Sutton, Sam; Warmbrodt, Zachary (August 2, 2023). "The downgrade: Does it matter?". https://www.politico.com/newsletters/morning-money/2023/08/02/the-downgrade-does-it-matter-00109336.
44. ↑ Lobo, Rhea (2026-01-07). "Polymarket Withholds Millions as Venezuela Invasion Market Remains Unsettled" (in en-US). https://www.gamblinginsider.com/news/101486/polymarket-venezuela-invasion-market-remains-unsettled.
45. ↑ "The chaotic Kalshi ad during the NBA Finals was made with AI for $2,000. The guy behind the clip shared how he made it." (in en-US). 2025-06-13. https://www.yahoo.com/entertainment/articles/chaotic-kalshi-ad-during-nba-173937071.html.
46. ↑ Chappell, Bill (2025-06-23). "An AI video ad is making a splash. Is it the future of advertising?" (in en). NPR. https://www.npr.org/2025/06/23/nx-s1-5432712/ai-video-ad-kalshi-advertising-nba-finals.
47. ↑ Silberling, Amanda (25 February 2026). "Kalshi fined a MrBeast editor for insider trading on markets related to the YouTube star". https://techcrunch.com/2026/02/25/kalshi-fined-a-mrbeast-editor-for-insider-trading-on-markets-related-to-the-youtube-star/.
48. ↑ Allyn, Bobby (25 February 2026). "Kalshi reveals insider trading case against editor for MrBeast" (in en). https://www.npr.org/2026/02/25/nx-s1-5726050/kalshi-insider-trading-enforcement-actions.
49. ↑ Davis, Sarah (February 26, 2026). "Kalshi accuses MrBeast video editor of insider trading". https://thehill.com/business/5756511-mrbeast-editor-fined-insider-trading-kalshi/.
50. ↑ "Bettors wagered $54 million on Khamenei's death. Now they're not getting paid." (in en-US). The Washington Post. 2026-03-04. ISSN 0190-8286. https://www.washingtonpost.com/technology/2026/03/04/kalshi-khamenei-bet-controversy/.
51. ↑ "Minutes before Trump's announcement, $800 million in trades made on oil prices" (in en-US). 9news. 2026-03-24. https://www.9news.com.au/world/donald-trump-iran-updates-oil-futures-trade-suspicious-betting-activity-usa-world-news/1061ef6b-5fef-401c-b469-98016ccdb9c3.
52. ↑ "AG Campbell Sues Online Prediction Market for Illegal and Unsafe Sports Wagering Operations". Mass.gov. https://www.mass.gov/news/ag-campbell-sues-online-prediction-market-for-illegal-and-unsafe-sports-wagering-operations.
53. ↑ Campbell, Andrea Joy (January 23, 2026). "AG Campbell Secures Court Order that Will Block Kalshi From Offering Unlawful Sports Wagers in Massachusetts" (in en). Office of Attorney General Andrea Joy Campbell. https://www.mass.gov/news/ag-campbell-secures-court-order-that-will-block-kalshi-from-offering-unlawful-sports-wagers-in-massachusetts.
54. ↑ Capewell, Charlotte (November 28, 2025). "Kalshi Faces Class Action over Alleged Unlicensed Sports Betting". Covers.com. https://www.covers.com/industry/kalshi-faces-class-action-over-alleged-unlicensed-sports-betting-nov-28-2025.
55. ↑ "Ohio judge rules that Kalshi is sports betting and must adhere to state law" (in en). 2026-03-10. https://www.nbcnews.com/news/us-news/ohio-judge-rules-kalshi-sports-betting-must-adhere-state-law-rcna262721.
56. ↑ Vasilev, Chavdar (2026-03-10). "Ohio Judge Denies Kalshi Injunction, Creating Sixth Circuit Split Over Sports Event Contracts" (in en-US). https://www.gamblinginsider.com/news/117023/kalshi-ohio-injunction-sixth-circuit-split-jpg.
57. ↑ Stacey, Stephanie; Roeder, Oliver (2026-03-17). "Arizona indicts prediction market Kalshi for running illegal gambling operation" (in en). https://www.ft.com/content/102e4be0-4ae7-4a27-8104-a66478f65881.
58. ↑ Li, David (2026-03-17). "Arizona files criminal charges against Kalshi, accusing prediction market of illegal gambling" (in en). https://www.nbcnews.com/news/us-news/arizona-files-criminal-charges-kalshi-accusing-prediction-market-illeg-rcna263936.
59. ↑ "Arizona sues Kalshi for allegedly allowing bets on state elections" (in en-US). 2026-03-17. https://www.fox10phoenix.com/news/arizona-ag-accuses-prediction-market-kalshi-betting-state-elections.
60. ↑ Knibbs, Kate. "Kalshi Has Been Temporarily Banned in Nevada" (in en-US). Wired. ISSN 1059-1028. https://www.wired.com/story/nevada-bans-kalshi-prediction-market/.
61. ↑ "Washington sues online betting platform Kalshi for illegal gambling" (in en-US). https://www.atg.wa.gov/news/news-releases/washington-sues-online-betting-platform-kalshi-illegal-gambling.
62. ↑ Kalshi, Where is. "Where is Kalshi? | Prediction Market Availability by Country" (in en). https://where.kalshi.rocks/.

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