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Coinbase says prediction markets exceed $200m annualised revenue in Q3

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Coinbase said its prediction-market business generated more than $200 million in annualised revenue in the September quarter, with daily traders up more than 60% quarter on quarter. The company reported Q3 net revenue of $1.16 billion, down 34% from a year earlier, and said its event contracts are offered through a partnership with Kalshi.

The reported prediction-market revenue and trader growth provide commercial context as Coinbase’s Q3 net revenue fell year on year.

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Illinois federal judge limits state gambling enforcement against Kalshi

A federal judge in Illinois partially maintained preliminary injunctions protecting Kalshi from state gambling enforcement on 2 October. The court found that federal law likely preempts state licensing requirements because Kalshi’s contracts likely qualify as swaps. The ruling remains preliminary, and the judge allowed further briefing on wager-related fees.

A federal judge in Illinois ruled on 2 October that the state likely cannot enforce several of its gambling laws against Kalshi while a case on prediction markets continues, keeping preliminary injunctions in place in part. US District Judge Martha M. Pacold found that Kalshi's event contracts are likely swaps under the Commodity Exchange Act, according to the opinion. The decision is not final.

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