RegulationUtah files criminal charges against Kalshi
The state has charged the company and its two co-founders, escalating the fight over who regulates prediction markets.
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Prediction markets, as they happen.
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Explainers
See all explainers →New to prediction markets? Start here.
Short guides to how prediction markets work.
ExplainerWhat is a prediction market?
How people trade on the outcome of future events, and what the prices tell you.
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ExplainerHow do prediction market prices work?
Why a price is also a probability, and what that means for traders.
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ExplainerWho regulates prediction markets in the US?
Federal regulators, states and the courts all have a stake. Here is where things stand.
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ExplainerWhat do market makers do in prediction markets?
Why some traders quote both sides, and how platforms reward them.
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ExplainerWhy loyalty matters in prediction markets
Winning traders is expensive. Keeping them between trades is where the value is.
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