The Ho-Chunk Nation and the state of Wisconsin have filed lawsuits against online prediction markets like Kalshi, alleging they are illegal gambling operations.
Tribal nations argue these platforms divert revenue from their casinos, which fund essential tribal services.
Kalshi maintains it is governed by federal regulations and will defend itself against the lawsuits.
When the online prediction platform Kalshi started appearing on social media a few years ago, Ho-Chunk Nation officials admit, they didn’t pay much attention to it.
“We thought it was a scam,” said Ho-Chunk Nation Vice President Lambert Cleveland during a recent forum at the Potawatomi Hotel in Milwaukee during Indigenous Biz Con.
