Prediction Markets Spend Big as Regulatory Fight Could Reach Supreme Court
OpenSecrets found Kalshi alone spent nearly $1 million on federal lobbying as the industry fights state gambling rules and seeks CFTC oversight.
- Kalshi, Polymarket, and the Coalition for Prediction Markets spent at least $3 million on lobbying and campaign contributions across federal and state levels this year, according to OpenSecrets.
- State lawmakers are increasingly frustrated with prediction markets, which critics call a "new form of casino," fueling a power struggle between state officials seeking gambling regulation and the federal Commodity Futures Trading Commission .
- Kalshi spent nearly $1 million on federal lobbying through June 30, while Polymarket spent $180,000, with efforts targeting National Defense Authorization Act sections 1081, 1082, and 1083.
- Expanding its reach into 41 states, Kalshi poured over $300,000 into the Republican Attorneys General Association and Democratic Attorneys General Association to influence state oversight.
- Defending its operations in court, the industry has sued nine states that attempted to regulate prediction markets, a move Brad Lipton, director of the Roosevelt Institute's corporate power and financial regulation program, called an "existential question.
16 Articles
16 Articles
Prediction markets spend big as regulatory fight could reach Supreme Court
Kalshi, Polymarket and the Coalition for Prediction Markets have spent at least $3 million this year on lobbying and campaign contributions across the federal and state levels as they fight growing efforts by states to regulate prediction markets, according to OpenSecrets, Stateline reports. The platforms argue they operate like federally regulated commodity markets, while many […]
Pennsylvania Capital-Star
Prediction markets spend millions to influence state, federal governments
Kalshi, Polymarket and the Coalition for Prediction Markets have spent at least $3 million this year on lobbying and campaign contributions across the federal and state levels, according to a new report from the government watchdog group OpenSecrets.
Prediction markets spend millions to influence state, federal governments • Rhode Island Current
Kalshi, Polymarket and the Coalition for Prediction Markets have spent at least $3 million this year on lobbying and campaign contributions across the federal and state levels, according to a new report from the government watchdog group OpenSecrets. Prediction market platforms say they are like commodity markets that offer contracts to speculate on the future […]
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