The prediction market giant just hit a massive valuation. But state gambling regulators are coming after its sports business—and using Kalshi’s own marketing materials to help make their case.
Grant Mainland had a tough day at the office earlier this week. A lawyer representing the prediction markets platform Kalshi, Mainland appeared before the Massachusetts Supreme Judicial Court on May 4 with an unenviable task: persuading the justices that a company that has literally advertised itself as the “first app for legal sports betting in all 50 states” is not, technically speaking, offering people the opportunity to bet on sports.
The prediction market giant just hit a massive valuation. But state gambling regulators are coming after its sports business—and using Kalshi’s own marketing materials to help make their case.
Grant Mainland had a tough day at the office earlier this week. A lawyer representing the prediction markets platform Kalshi, Mainland appeared before the Massachusetts Supreme Judicial Court on May 4 with an unenviable task: persuading the justices that a company that has literally advertised itself as the “first app for legal sports betting in all 50 states” is not, technically speaking, offering people the opportunity to bet on sports. Tech
