Episode Details

Kalshi’s in deep trouble with Massachusetts after a judge cleared the way for new allegations: the state claims it’s running an unlicensed sportsbook, targeting teens with campus ads, and marketing to underage users. The lawsuit, started in September 2025, seeks to block Kalshi’s sports betting contracts — already paused — while a broader legal battle unfolds. Other prediction markets like Polymarket face similar state crackdowns, sparking a national debate over whether these platforms fall under state or federal regulation. The CFTC is stepping in, arguing these contracts are federally regulated swaps and will fight any state overreach. Meanwhile, lawmakers are pushing for a federal ban on sports- and casino-style event contracts — a potential showdown heading straight to the Supreme Court.

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