In 2006 Congress passed a law called the Unlawful Internet Gambling Enforcement Act, which didn’t ban online betting but rather, banned banks from processing payments for it. It carved out one exception: fantasy sports, because Congress considered it a game of skill, not a game of chance like betting on a single game is. And
Kalshi is drawing major heat online after creator Elliot Choy accused the company of ripping off one of his videos for an ad — and making his face look like a white man’s. Choy posted side-by-side stills that show the clear similarities between the appearance of the ad and his video, which depicted him moving into
Since prediction markets exploded in popularity in 2024, the industry’s two leading players, Kalshi and Polymarket, have been raising staggering amounts of money. In the case of Kalshi, the startup notched a $1 billion Series F in May that valued it at $22 billion, and investors are eyeing an initial public offering as soon as
The US government launched at least three previously unreported investigations into trading on the prediction market Polymarket, according to documents obtained by WIRED through a Freedom of Information Act request. Voting records from the Commodity Futures Trading Commission, the federal agency that regulates prediction markets, shed new light on how the government approaches these investigations.
Prediction markets are splurging on ad campaigns featuring A-listers—and the approach is starting to rankle some observers. On Wednesday, sports trading platform Novig released a video of actress Sydney Sweeney appearing nearly nude while promoting the company’s sports-only offering ahead of the NFL season opener. The advertisement swiftly drew scrutiny of prediction markets’ marketing tactics
Kalshi users as young as 18 are now responsible for billions of dollars worth of trading activity on sports that critics say amounts to a loophole in gambling laws. A recent analysis by CNN showed so far this year users between the ages of 18 and 21 traded an estimated $5.4 billion on Kalshi, the
