Gambling regulators have ordered online financial exchange Kalshi to cease offering markets on sports, but the upstart company with White House connections has refused. Instead, it is picking up legal victories while continuing to allow customers to put money on their predictions in every state in the country. How the dispute plays out could shape the future of American sports betting.
Last Wednesday, the Oklahoma City Thunder were big favorites over the Minnesota Timberwolves at sportsbooks. Bettors needed to risk $350 to win $100 off a bet on the Thunder beating the Timberwolves in Game 5 of the NBA Western Conference finals. At the same time, users at Kalshi had to put up $350 to profit $108 off of a contract on Oklahoma City winning the game.
