Online prediction markets rile up state lawmakers

By: Kevin Hardy

Outlets: Stateline

Published: July 31, 2026

Words: 1,322

Last Updated: 3 days, 11 hours ago

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CHICAGO — The escalating feud between states and online prediction markets was on full display at a summit of state lawmakers this week as legislators publicly scolded Kalshi and Polymarket, the two most prominent platforms.

Prediction market platforms say they are like commodity markets that offer contracts to speculate on the future price of corn or oil — not sportsbooks that allow gamblers to place bets. But many states reject those justifications, arguing the …

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