Prediction markets are on the rise, and ideas have begun flying on Capitol Hill about all the ways to contain them. That includes everything from preventing insider trading, to keeping lawmakers off platforms like Kalshi and Polymarket, to banning betting on things like the Oscars or the Super Bowl halftime show.
The best inflation forecaster on Kalshi over the last few years is not none of the institutions or the big-name hedge funds; it's this guy who lives in Kansas, never traded financial markets before, just likes to read the news, and just knows how to predict inflation.
Supporters of platforms like Polymarket and Kalshi argue that when markets reach enough activity, their collective wisdom becomes a kind of crystal ball - faster than experts, smarter than pundits, and better at identifying outcomes before the rest of the culture catches up. Their evidence: prediction markets correctly called 19 of the 24 Oscar categories.
Arizona will not be bullied into letting any company place itself above state law. The 20-count charging document accuses Kalshi of accepting bets on political outcomes, college sporting competitions and individual player performance in violation of Arizona's gambling laws. The state prohibits operating an unlicensed wagering business and bans betting on elections.
The Younger abstention doctrine provides that federal courts are not to interfere with pending state criminal proceedings. The doctrine is rarely invoked in regulatory disputes, but it can block federal courts from intervening when state criminal prosecutions are already underway. If the judge applies it here, the federal case could effectively stall while the state case proceeds.
Under the bill, a transaction would be illegal if its value "depends on the outcome of future events" tied to certain categories. These include athletic competitions, casino-style contests, political races, or events involving identifiable individuals or groups. Markets connected to wars, terrorism, disasters, public health emergencies, or deaths would also fall under the prohibition.
Caesars operates more than 50 casino and hotel properties under brands including Caesars, Harrah's, and Horseshoe. Despite $11.49 billion in full-year 2025 revenue, the company carries $11.9 billion in aggregate debt and posted a net loss of $502 million for the full year. Its stock sat near $19.70 at the time of its Q4 earnings filing, well below its 52-week high of $31.58.
Polymarket is partnering with Palantir Technologies and TWG AI to build a monitoring system designed to detect suspicious activity across sports prediction markets. The companies say the project will combine prediction market data with advanced artificial intelligence tools to identify unusual trading behavior and strengthen confidence in the fast-growing sector.
Kalshi has mostly done things by the books, cozying up to the federal government in search of regulation and unmitigated approval. Meanwhile, Polymarket has seemed to make its own rules, letting users bet on controversial topics like civil war and nuclear detonation to rake in massive profits.
According to AAA, the national average gas price has jumped to $3.45 per gallon today. One week ago, the average was $2.98 per gallon - a 16% spike in a single week. For context, the all-time record average was $5.016 per gallon, set on June 22, 2022.
Polymarket and Kalshi have emerged as the biggest players in the burgeoning prediction markets industry. The platforms have popularized betting on the outcomes of future events, from when the United States would invade Iran or Venezuela to whether Amazon cofounder Jeff Bezos would show up at this year's Super Bowl.
Yo brother, legal team confirmed that we can't work with minors rn. Kinda sad tbh. A Kalshi employee's message to a 15-year-old streamer illustrates the company's willingness to recruit underage users before legal concerns forced termination of the partnership.
Nobody should be making bets on if the United States is going to war, or what words President Trump is going to use in his speech. Those are fundamentally corrupt markets, because there are people on the inside who know the answer, and it perverts the decision-making process.
In September, Kalshi briefly signed up a 15-year-old videogame streamer who goes by vert1d online to promote its brand on X as an affiliate. Why didn't the partnership last? Well, someone from Kalshi's legal department apparently found out and was not happy.
The legislation, if passed, would also curtail other members of the executive branch from profiting on the platforms, or face fines of at least $10,000 for each violation. The bill also states that violators will have to pay back profits made in trades.
Betr, based in Miami, says the multi-year agreement will bring Polymarket's prediction market infrastructure into the app many customers already use for sports gaming. Once it launches, people will be able to speculate on the likelihood of future events spanning sports, politics, entertainment, and cultural topics without leaving the platform.
If a person dies, according to the new rule, all bets related to them will be paid out at the odds that existed just before they died or their death was 'reasonably anticipated by market participants.' The rule goes into effect March 17, according to the notice.
