Kalshi sent Netflix a cease-and-desist letter on Friday demanding that the streaming service pull the trailer for an upcoming documentary. In the letter, Kalshi claimed that the trailer is “defamatory” and contains “both fabricated documents and false and misleading statements.”

“Instadocs: The Prediction Games” is a documentary about the rise of prediction markets. According to Netflix, the film, part of the streamer’s “Instadoc” series of rapidly-produced documentaries, features interviews with Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour.

The trailer, however, focuses on a recent party in Las Vegas, where men who “have made millions of dollars in the prediction markets, probably eight figures, over the course of the World Cup” gathered to watch the World Cup final. One guest declares, “I like to bet on Kalshi,” while another shows an apparent $5,000 bet on his phone.

However, Kalshi is currently prohibited from operating in Nevada due to a court order. In his cease and desist letter, Kalshi said the bet shown on the phone is actually a screenshot of a bet placed on May 16, 2025, long before the ban. But the company argued that in the trailer, Netflix “deceived its millions of customers into believing that this individual was able to successfully negotiate sporting event contracts in Nevada on July 19, 2026.”

In her letter, Kalshi also said she recently spoke with a Netflix employee who “agreed not to include the receipt in the documentary when it premieres” on Sunday, July 26.

“However, despite Kalshi demonstrating to this employee that the claims in the video were demonstrably false, Netflix inexplicably refused to remove the trailer receipt currently circulating on the Netflix app homepage,” the company said.

Netflix does not deny that the screenshot is from a 2025 bet, but a spokesperson told The Hollywood Reporter that no part of the documentary was fabricated.

“The footage was filmed at the Winible World Cup viewing weekend in Las Vegas on July 17, 2026,” the spokesperson said. “The trader featured with the trade in Spain showed us a screenshot of his bet, which was placed in May 2025 prior to any Nevada court order. Any specific trades or bets referenced during that weekend are between the individual and the app on which he placed the trades.”