Prediction markets Kalshi and Polymarket have so far spent up to $3 million on lobbying and campaign efforts to fight states seeking to regulate the platforms, with Kalshi being the largest spender.
According to IRS filings supplied by research firm OpenSecrets, Kalshi reportedly hired lobbyists in 41 states, with most of its efforts centered around California and New York, as well as contributing $147,500 to the Republican Attorneys General Association, $170,000 to the Democratic Attorneys General Association, and $250,000 to the Republican and Democratic governors’ associations.
Kalshi also allegedly donated directly to some state attorneys general, including campaigns for Charity Clark in Vermont, Dan Reyfield in Oregon, and James Uthmeimer in Florida.
