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American online prediction gambling company
Kalshi Inc. is a prediction market platform based in Manhattan, New York City, that launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of site activity and 89% of revenue in 2025. Analysts describe activity on the platform as "heavily tied to the sports calendar". Individuals can place bets on other future outcomes, including economic indicators, weather patterns, awards, political and legislative outcomes, and military conflicts.
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Kalshi's defiance of state gambling laws may be headed to Supreme Court.
In a win for horse racing interests, the United States Sixth Circuit Court of Appeals ruled that prediction market platform Kalshi is operating in violation of two bodies of law by taking bets on sporting events.
Tennessee Attorney General Jonathan Skrmetti says prediction markets, like Kalshi, should follow the same rules as the state's licensed sportsbooks. A federal court agreed. Here's what happens next.