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Kalshi's Legal Battle: $10 Bonus Amid Uncertain Regulations

12/6/2025

39 4 Full Breakdown

Summary

Story summary

Kalshi, the prediction market platform, faces a Nevada judge ruling that could affect its operations.
New users can unlock a $10 bonus by trading $100 in Kalshi, using promo codes WTOP or NEWSWEEK, while sports markets now account for 90% of trading volume.
Kalshi maintains it operates outside state gambling regulations, arguing its contracts are financial instruments rather than bets, and the legal landscape remains uncertain.

History

Historical Context

The 2018 Supreme Court ruling in Murphy v. NCAA overturned the Professional and Amateur Sports Protection Act, allowing states to regulate sports betting. This led to a boom in the gambling industry, generating $66.6 billion in revenue by 2023. Kalshi, founded in 2018, aims to innovate financial instruments for predicting events, navigating legal challenges as it seeks to expand its market presence.

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Story summary

Kalshi, the prediction market platform, faces a Nevada judge ruling that could affect its operations.
New users can unlock a $10 bonus by trading $100 in Kalshi, using promo codes WTOP or NEWSWEEK, while sports markets now account for 90% of trading volume.
Kalshi maintains it operates outside state gambling regulations, arguing its contracts are financial instruments rather than bets, and the legal landscape remains uncertain.

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