Surging prediction markets face legal backlash in US: ‘Lines have been blurred’

At least 20 federal suits filed against companies like Kalshi and Polymarket as lawmakers call it ‘loophole’ for gambling State lawmakers and gaming regulators across the US are escalating their fight against prediction markets, arguing that the fast-growing platforms are “basically gambling but with another name”. At least 20 federal lawsuits have been filed nationwide, disputing whether companies such as Kalshi and Polymarket should be treated as federally regulated financial exchanges, as they maintain, or as gambling operations that should be regulated like state-licensed sportsbooks. Continue reading...

By Anna Betts in New York