Polymarket and Kalshi are suddenly in the government’s crosshairs

Criminal charges and a new federal bill escalate the fight over whether prediction markets are financial tools or illegal gambling operations.

[Photos: Kalshi; Freepik]

BY Chris Stokel-Walker

Prediction markets like Polymarket and Kalshi have hit the headlines—not least because of their role in making some people filthy rich off the back of the Middle Eastern war. But they’ve also drawn the attention of legislators concerned about their growing prominence.

Many officials have privately raised concerns about platforms like Polymarket and Kalshi. Arizona’s attorney general has gone further, charging Kalshi with offering what the state alleges are illegal bets on........

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