Kalshi, Polymarket Face Ban Attempts in 20 States as Scrutiny Hits $1 Event Contracts
Updated
Updated · The New York Times · Sep 11
Kalshi, Polymarket Face Ban Attempts in 20 States as Scrutiny Hits $1 Event Contracts
3 articles · Updated · The New York Times · Sep 11
Summary
About 20 U.S. states have tried to use existing anti-gambling laws to block Kalshi and Polymarket as the fast-growing prediction markets draw heavier scrutiny.
The pressure centers on concerns that event contracts — yes-or-no wagers priced up to $1 — can be vulnerable to insider trading and manipulation.
Kalshi and Polymarket have surged from niche platforms into mainstream betting venues covering elections, central-bank decisions and pop-culture events, helping make this summer's World Cup the biggest gambling event ever.
Robinhood, FanDuel and DraftKings have also moved into prediction markets, while Meta has assigned a small team to build a similar smartphone app, underscoring how quickly the sector is expanding despite regulatory pushback.