Kalshi said that tribal partners own and operate their prediction market apps, while it provides exchange infrastructure. Alabama-Quassarte Tribal Town said it expects a share of transaction revenue through its planned PokkeTrades platform; Kalshi did not disclose the revenue split. An Indian Gaming Association-commissioned study projected annual tribal gaming losses of $1.5 billion to more than $7.8 billion under hypothetical scenarios.
Kalshi has pushed back on criticism of its tribal deals, telling Gambling Insider in an exclusive exchange that the tribes involved are not passive name lenders but owners and operators of their own prediction market apps, with Kalshi running the exchange layer underneath. The company said it had unveiled five such partnerships over a matter of weeks. At the same time, as Kalshi itself acknowledged, other tribal nations are contesting its sports event contracts in court on federal gaming law grounds.