Kalshi chief executive Tarek Mansour said calling prediction markets gambling was an easy criticism and compared the sector with other industries that faced similar labels. He reiterated that event contracts should be regulated as financial markets.
The position bears on how regulators may classify and oversee Kalshi’s event contracts.
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DraftKings chief executive Jason Robins said the company will not offer prediction markets in states where it holds sports-betting licences. Robins told the Next Predict Summit in New York that the approach protects its gaming licences and leaves it well placed whatever courts decide on sports event contracts.
DraftKings will not offer prediction markets in states where it holds sports-betting licences, chief executive Jason Robins said at the Next Predict Summit in New York. Robins said the approach protects the company's gaming licences and leaves it positioned for either outcome in litigation over sports event contracts.
Kalshi chief executive Tarek Mansour defended prediction-market transparency at DC Fintech Week, saying visible transactions help identify suspicious activity. The report cited enforcement actions involving George Santos and Gabriel Perez, as well as a criminal case involving alleged trading by Gannon Ken Van Dyke. Kalshi said it has added employer disclosures and compliance checks for contracts involving potentially sensitive information.
Kalshi chief executive Tarek Mansour expects rules clarifying sports prediction markets' legal status within weeks. He also said Kalshi expects to announce agreements with one or two major leagues soon, which he believes could help the company navigate legal uncertainty.
Kalshi Chief Executive and co-founder Tarek Mansour said the company's legal challenges reflect resistance from established gambling businesses as prediction markets grow. New York has sued Kalshi, alleging its event contracts breach state gambling law; Kalshi maintains that the CFTC, rather than state regulators, oversees its markets.
CME Group chief executive Terry Duffy said many products tied to sporting outcomes are closer to betting than genuine financial products, particularly those based on complex combinations or short-term bets. Duffy said the question of how to categorise sports prediction markets will likely reach the US Supreme Court. CME reported quarterly revenue exceeding $1.7bn.