State Regulators Draw a Clear Line, But Is It the Right One? The state of New York, in its recent legal action against Polymarket, has opted for the simplest possible classification: an “illegal gambling operation.” Read More
The Mirage of Financial Innovation Meets State Law A federal appeals court has unequivocally ruled that Kalshi’s sports-event contracts are gambling, not sophisticated financial “swaps,” dealing a significant blow to the prediction market platform Read More
The Blurred Line Between Futures and Fun A single state court order in Washington this week has pulled back the curtain on a far larger global regulatory blind spot: the persistent struggle to classify online Read More
The Price of Knowing: Information or Illicit Gain? A six-figure payout for accurately predicting a former president’s public statements isn’t just clever forecasting; it’s a stark indicator of a deeper structural vulnerability Read More
The Illusion of Information Markets The state of Illinois is not simply chasing tax revenue; it is drawing a clear line in the sand, directly challenging the regulatory framework that has allowed platforms like Kalshi Read More