Prediction markets like Kalshi and Polymarket are increasingly reliant on sports wagering, which recently accounted for over 85% of bets on Kalshi’s platform. During one four-day stretch, the platform generated $25 million in fee revenue from March Madness alone.
States and tribes now allege these are unlicensed gambling operations. While a federal appeals court recently sided with Kalshi in New Jersey, a pending Nevada case suggests a different conclusion. Industry lawyers expect the Supreme Court to settle the matter by next year. Read the full story at Fortune (subscription).
Source · Fortune
