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Kalshi pouring money into lobbying lawmakers on behalf of predictions markets

Sports Writer

Publish Date: Jul 15, 2025

Fact checked by: Sara Jane Gamelli

The leading predictions market platform in the United States is sinking loads of money into lobbying the federal government for favorable outcomes.

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Kalshi has spent at least $1 million lobbying lawmakers and federal regulators of financial markets, according to OpenSecret.org reporting.

A predictions market like Kalshi is forging into new territory by offering its customers an opportunity to hedge on predictions tied to economic indicators, elections, sporting events, and even natural disasters. Because Kalshi's markets can resemble gaming and specifically sports betting, it has come under scrutiny in some jurisdictions.

A recent report has tied DraftKings to a possible purchase of Railbird Exchange, a predictions market company that has yet to launch a product in the U.S.

In addition, FanDuel has been rumored to be seeking a collaboration with Kalshi

If a sports betting and daily fantasy sports provider like DraftKings or FanDuel were to align with a predictions market provider, that could change the landscape of gaming. DraftKings and FanDuel are the two most prominent sports betting and online casino platforms in the United States.

Kalshi had struggled to exhibit revenue potential until last fall when a federal judge ruled the platform could offer presidential election markets.

The Commodity Futures Trading Commission has issued support for predictions markets, including Railbird Exchange most recently, which could emerge as a prime competitor to Kalshi. Both companies reportedly have millions in seed funding from investors banking on the expansion of legal gaming or something akin to it in the United States.

Since 2018, when the U.S. Supreme Court made a landmark ruling to strike down the Professional and Amateur Sports Protection Act of 1992. That decision cleared the way for states to legalize online gambling.

More than 35 states have legalized online sports betting. Seven states have active online casino markets. Many states are dealing with social casinos and sweepstakes casinos, which have proven to be popular with consumers, despite questions about their legality.

Lobbying efforts target politicians and PACs

According to OpenSecrets.org, Kalshi is giving money to a multitude of parties with ties to gaming regulation, legislation, and lobbying. This includes:

$180,000 payment to Lincoln Policy Group, a political action committee that supports many free market causes.
A payment to former United States Senator Blanche Lincoln, a Democrat from Arkansas.
Payments to noted D.C. lobbying firm Miller Strategies.

At issue for many industry observers is the notion of "sports event contracts," which allow consumers to assign money to the outcome of an event like the Super Bowl, World Series, World Cup, or more.

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