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New York officials have sued prediction market platform Kalshi, labeling its operations as 'illegal gambling' and demanding a halt to its activities in the state plus the return of all profits. The lawsuit is part of a broader state-versus-federal tussle over who regulates the booming prediction market industry.
Nearly four months after the U.S. and Israel launched strikes on Iran, driving up energy costs and disrupting global commerce, the two sides are now negotiating in Switzerland over a draft memorandum that would establish a 60-day ceasefire and a framework for talks on Iran's nuclear program, sanctions relief, and the future of the Strait of Hormuz. While a lasting deal could ease the economic burden on businesses and consumers worldwide, the conflict has been enormously lucrative for defense contractors, energy companies, investment banks, and shipping firms.
Online prediction platforms are appearing in Japan, allowing users to earn rewards for forecasting future events while trying to comply with strict anti-gambling laws. This trend raises ethical concerns, especially when predictions involve war and politics. Critics worry about 'gamblification' of serious issues and potential for manipulation, while proponents argue these markets offer valuable public insight.
Kalshi, a prediction market platform, is implementing new measures to combat insider trading, including collecting employment data from users in high-risk markets. The move follows a series of allegations and legal cases involving insider trading on Kalshi and rival Polymarket.
