Prediction market platform Kalshi has raised $1 billion in funding, valuing the company at $22 billion. The deal is set to help Kalshi broaden products for hedge funds and asset managers as institutional trading volume rises. Kalshi’s focus now includes expanding event contracts, which analysts expect to drive significant market growth.
Prediction markets market themselves as a smarter alternative to sportsbooks, but reports from people with gambling addiction suggest the experience can feel indistinguishable. One example: a soccer coach had blocked himself from betting platforms before turning to prediction markets, only to find the same pull and risks. The distinction, critics say, may be branding more than substance.
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The US Commodity Futures Trading Commission (CFTC) has sued New York, arguing the state’s legal actions against prediction market platforms such as Coinbase and Gemini unlawfully encroach on federal authority. New York’s attorney general says the products function as gambling and violate state consumer protection rules. The CFTC calls the state’s approach overreach and seeks to block it.
Authorities have arrested a special forces soldier accused of using classified government information to place a wager on Polymarket, the prediction platform. Prosecutors allege the bet was tied to an operation involving Venezuela’s President Nicolas Maduro, and that the soldier could have profited up to $400,000 by acting on information not meant for public markets.
Prediction markets platform Polymarket is reportedly in talks to raise about $400 million at a $15 billion valuation, following a $600 million commitment from Intercontinental Exchange, the NYSE parent. With event-based trading drawing increasing momentum, the company is seeking additional strategic investors that could push the total funding round toward $1 billion.
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