Josh Sterling, a lawyer for Milbank who represents Kalshi in ongoing federal litigation, argued at a gaming conference last week that prediction markets differ from sports betting in part because “there are no odds being set.”
And so began another tussle over semantics regarding Kalshi, which lets users put money on the outcome of sports games (and many other events) in all 50 states but is not regulated as gambling. The way Kalshi and its supporters describe the company’s core product has set off arguments online and in court as it faces heat from state regulators, tribes and established members of the gambling industry.
