Financial trades or bets? The legal battle over prediction markets

By: Mike McClanahan

Outlets: TVW

Published: September 24, 2026

Words: 417

Last Updated: 1 month, 2 weeks ago

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Washington is taking on prediction-market operator Kalshi, arguing that the event contracts it offers violate state gambling restrictions.

A lawsuit, filed by the state this year, centers on whether putting money on an outcome in a prediction market constitutes making a trade or placing a wager.

Kalshi operates an exchange where people can buy or sell contracts tied to the outcomes of future events in a broad range of categories like sports, politics, …

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