A Washington state judge has barred Kalshi from taking most bets from residents there, the New York Times reported Friday. That adds to pressure after New York City opened an investigation into Kalshi and Polymarket over suspected insider trades.
Prediction markets let users stake money on the outcome of real-world events, from politics to flight delays. Polymarket and Kalshi are the two largest platforms. Who polices trading on them, and whether bets placed with inside knowledge can be pursued at all, is contested between the operators and US authorities.
A state judge's preliminary injunction bars the prediction market Kalshi from letting Washington residents place bets on the bulk of its offerings, the New York Times reported on Friday. El País writes that prediction platforms are courting female audiences on social media with empowerment messaging.
New York City has launched a broad inquiry into the two largest prediction markets, the Wall Street Journal reported on Wednesday. The New York Times reports that the platforms themselves flag suspected insider traders, but many face no charges because the supervising agency lacks the staff, the legal tools and the will to act, with bets on manipulable events such as flight delays drawing particular scrutiny.