Kalshi’s $22 billion problem 

The prediction market giant just hit a massive valuation. But state gambling regulators are coming after its sports business—and using Kalshi’s own marketing materials to help make their case.

[Photo: Getty Images]

Grant Mainland had a tough day at the office earlier this week. A lawyer representing the prediction markets platform Kalshi, Mainland appeared before the Massachusetts Supreme Judicial Court on May 4 with an unenviable task: persuading the justices that a company that has literally advertised itself as the “first app for legal sports betting in all 50 states” is not, technically speaking, offering people the opportunity to bet on sports.

Mainland was hoping to get the court to overturn a lower state court injunction that blocked Kalshi from offering its........

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