Kalshi defends prediction markets as Missouri orders operators to stop

Missouri Attorney General Catherine Hanaway ordered Kalshi and five other prediction-market operators to cease and desist operations in the state, arguing they must follow gambling laws that apply to sports betting. She said sports wagering operators must be licensed, pay taxes and fees, and bar anyone under 21.

Kalshi Head of Research Nicole Kagan said the company runs a peer-to-peer exchange and does not profit when users lose. She said Kalshi bars campaign staff, team members and musicians from trading on outcomes tied to their work.

Prediction markets have drawn scrutiny as their use has grown, including as a gauge of political races. Kagan said Kalshi has safeguards against insider trading; the material also describes wagers by people with confidential information on military and presidential matters.

Read the full story at kcur.org.