State Officials Allege Unlicensed Sports Gambling
State officials are alleging that prediction markets Poly Market and Kalshi are operating as unlicensed sports gambling platforms. Kalshi processes billions of dollars in bets weekly, with approximately 80 percent of activity associated with sporting events. The platform maintains it is not a sports betting app by operating under the oversight of the Commodity Futures Trading Commission. This regulatory workaround allows the platform to bypass specific state sports gambling regulations. While Kalshi claims to provide event contracts overseen by the Commodity Futures Trading Commission, approximately 80% of the billions of dollars in weekly bets on the site are associated with sporting events.
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Sources · 7 independent
“state officials alleging that poly market in Kalshi are nothing other than unlicensed sports gambling operations. Remember on a site like Kalshi, you're seeing billions and billions of dollars in bets every week”
“the laws that apply to say Kalshi are not being applied to market in Kalshi are nothing other than unlicensed sports gambling operations.”
“state officials alleging that poly market in Kalshi are nothing other than unlicensed sports gambling operations. Remember on a site like Kalshi, I mean you're seeing billions and billions of dollars in bets every week but like 80 percent of that is associated with sporting events”
“state officials alleging that poly market in Kalshi are nothing other than unlicensed sports gambling operations. Remember on a site like Kalshi, you're seeing billions and billions of dollars in bets every week but like 80 percent of that is associated with sporting events”
“market in Kalshi are nothing other than unlicensed sports gambling operations. And remember on a site like Kalshi, I mean, you're seeing billions and billions of dollars in bets every week, but like 80% of that is associated with sporting events.”
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