The Ho-Chunk Nation on Wednesday sued online financial exchange Kalshi, saying it engages in illegal sports gambling on tribal lands.
Kalshi Inc.’s leaders have said that the site has nothing to do with gambling. But it is an online platform where users “trade on the outcome of real-world events,” according to the company’s website. Users can buy “yes” or “no” options to questions ranging from who will win their favorite sports team’s next game, to who will become the Democratic nominee for president in 2028. The platform has partnered with Robinhood to incorporate a prediction market hub on its investment platform.
