Kalshi

Rule Changes

Facing 14 criminal counts in Utah, with co-founders summoned for a Dec. 4 arraignment; also sued by Arkansas on Nov. 4 and facing a pending Tenth Circuit appeal of the August summary judgment

Utah's criminal case against Kalshi now has a courtroom date. A state court summoned chief executive Tarek Mansour and chief operating officer Luana Lopes Lara to answer 14 criminal counts in Salt Lake City on Dec. 4. The charges, filed Oct. 28, rest on 12 sports wagers a state investigator placed from a Utah address between Sept. 13 and Sept. 26.

Updated 3 days ago

Rule Changes

Rival whose affiliate registered as an FCM in March 2026

Polymarket's brokerage unit, PM Derivatives LLC, is now a futures commission merchant: a firm licensed to take customer orders and hold customer money. The National Futures Association approved the registration on October 30, 2026, and Polymarket announced it on November 3.

Updated 3 days ago

Money Moves

Raised $1 billion at a $40 billion valuation

Kalshi raised $1 billion at a $40 billion valuation, up from $22 billion in May. Sequoia Capital and Wellington Management co-led the round. The company says the money will pay for single-stock perpetual futures, contracts tied to computing costs and index products built with S&P.

Updated 6 days ago

Money Moves

Raised another $1 billion on October 30 at a $40 billion valuation, five months after its $22 billion round; still fighting Arizona criminal charges and a Nevada restraining order while lobbying in 41 states

Kalshi raised another $1 billion on October 30, at a $40 billion valuation, with Sequoia and Wellington leading the round. The deal came about five months after a $1 billion raise at $22 billion, and Kalshi says it will use the capital to expand beyond prediction markets into a multi-asset platform.

Updated Oct 31

Rule Changes

As of September 2026: Charged with a felony by Utah on Oct. 28; appealing the state's ban to the 10th Circuit

Utah has pushed its fight with Kalshi from civil court into criminal court. On Oct. 28 the state charged the prediction market and two of its executives with a felony over bets offered in Utah, after a federal judge refused to pause the state's ban while Kalshi appeals.

Updated Sep 29

Rule Changes

As of September 2026: Blocked in Michigan by preliminary injunction

A water tower along I-94 in Detroit now carries the dark blue logo of Polymarket, the prediction market platform. The city says the ad has no permit and plans to investigate.

Updated Sep 18

Rule Changes

As of September 2026: Continues listing sports event contracts under legal challenge

In January 2026, CME began listing event contract swaps on sports and cultural awards. On September 11, after seven filings that added football, basketball, tennis, elections and the Oscars, the exchange stopped adding new expiries.

Updated Sep 12

Rule Changes

As of May 2026: Operating as CFTC-registered designated contract market

Prediction markets have existed in legal limbo since 2003, when U.S. senators killed a Pentagon program that would have let people bet on terrorist attacks. An Israeli reservist and civilian face prosecution for using classified military intelligence to profit $150,000 on Polymarket, placing suspiciously accurate bets on the June 2025 Israel-Iran war — a first.

Updated May 29