Kalshi, the prediction market, has launched new sports wagers on its platform. It’ll begin to offer the options to bet on touchdowns and the score, which is far more involved than its previous offerings. To skirt around the sports wagering issue, Kalshi has typically allowed users to bet and trade on mostly non-in-game happenings, like awards.
However, in recent months, Kalshi has gotten a little bolder and has now stated to the Commodity Futures Trading Commission (CFTC) that it will now provide predictions closer to the game.
Kalshi’s new sports betting will include:
- Touchdowns
- Point spreads
- Overall score total
Speaking with Front Office Sports, Kalshi’s CEO, Tarek Mansour, said:
“Bringing these markets under CFTC oversight gives consumers the same level of protections as Wall Street traders and institutions.”
A major problem that the sports betting market has with Kalshi is that it’s mostly unregulated. While technically providing sports gambling, it sits in a different category from the rest of the industry. Due to its designation as a prediction market, it is instead regulated by the CFTC.
Kalshi could get major boost later this year
Now, back in May, a current member of the board of directors for the company, Brian Quintenz, was nominated as Trump’s pick for heading the CFTC. Trump Jr. is an advisor to the company as well. He’s been pushing for the company and proposing in recent talks that the predictions market should move into sports betting.
His position on the matter is being shunned by tribal groups, with three tribes from California now suing the prediction market operator. The tribes claim that Kalshi is providing sports wagering in California, where it’s illegal.
Quintenz has said that he’d step down from Kalshi, but it’s clear that he and the executive suite are pushing the company further across the line. This hasn’t worked out especially well, as Maryland has already cracked down on this, with the judge stating that he doesn’t see the difference between the two industries.
Quintenz, despite being nominated back in February, hasn’t been confirmed yet, as various holdups have happened. However, if he were to get in, it’s expected to see the CTFC allow for more prediction market movement.
Featured image: PICYRL
