Sports Betting

The CFTC has ordered Kalshi to continue operating in New York after the state sued to block its sports prediction markets. The move deepens a regulatory clash over whether event contracts fall under federal derivatives oversight or state gambling law.

Kentucky has joined a growing list of states suing prediction market platforms over sports betting activity. The move creates a political wrinkle as a conservative Trump-aligned state challenges firms backed by the president’s regulatory stance.

A newly created Polymarket wallet reportedly converted about $4 million into roughly $9 million in profit after Cabo Verde held Spain to a 0-0 draw. The trade has fueled questions about whether the bettor had luck, skill, or access to nonpublic information.