Kalshi
Michigan judge blocks Kalshi from sports betting contracts
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A Michigan judge has issued a temporary restraining order against prediction market platform Kalshi, barring it from offering sports-related wagers to state residents for 14 days.
Wall Street broker Bernstein said prediction market platforms are poised for a wave of mergers and acquisitions as companies integrate customer distribution with exchange infrastructure.
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Kalshi has rolled out U.S.-regulated crypto perpetual futures contracts covering Bitcoin, Ethereum, Solana, XRP, and HYPE. The CFTC approved the Bitcoin contract on May 29, shifting focus from regulatory approval to trading performance.
Kalshi has unveiled a new advocacy group called Americans for Fair Markets to influence policymakers on prediction markets. The move comes as the US House Oversight Committee launched an investigation into Kalshi and Polymarket over insider trading concerns.
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Kalshi has secured $1 billion in fresh funding, doubling its valuation to $22 billion in a round led by Coatue. The U.S.-based prediction market platform reported strong growth in institutional trading amid broader interest in event contracts.