Kalshi’s $22 billion problem

# Kalshi's Legal Gamble Prediction markets platform Kalshi is in court arguing that letting people bet money on whether real-world events will happen isn't technically "sports betting"—a distinction that matters because Massachusetts has banned sports betting on its platform. The company has become wildly valuable ($22 billion) largely because its sports prediction markets bring in 90% of its revenue, but regulators and courts are pushing back on whether this business model is legal under existing gambling laws.