Kalshi will provide prediction market data for CBS News coverage of the US midterm elections. The network will combine the data with its Battleground Tracking coverage; Kalshi’s markets gave Democrats a 63% chance of Senate control and a 91% chance of House control at the time of the report.
The agreement adds Kalshi’s election-market data to CBS News coverage and extends the operator’s media partnerships.
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Wagering on 2026 US midterm outcomes through Kalshi and Polymarket has exceeded USD220m, citing Reuters and Anti-Corruption Data Collective analysis. That compares with USD92m across the full 2024 congressional cycle. On Polymarket, the busiest 1% of wallets generated 70% of congressional election trading volume.
US Senator Ted Cruz is preparing legislation that would give state and tribal governments authority over sports-related contracts offered by prediction markets, citing Bloomberg Law. Cruz intends to file the bill after the 3 November midterm elections. The measure would bar operators from offering contracts linked to gambling activities, including sports betting, without approval from the relevant state or tribal government.
A bill granting state and tribal governments say over sports contracts sold by prediction markets is being drafted by US Senator Ted Cruz, Bloomberg Law reported. He plans to introduce it once the November 3 midterm elections are over. As of now, the text is absent from Congress' website.
Texas Attorney General Ken Paxton has not joined the expanding campaign by states against Kalshi and other prediction markets. The outlet contrasted his absence with his previous positions opposing gambling.
DraftKings CEO Jason Robins defended the company’s planned prediction-markets investment on its third-quarter earnings call. The company projects adjusted EBITDA investment of $900m to $1.05bn across 2026 and 2027, and Robins said customer acquisition costs could take about 41 months to recover if the Supreme Court bars sports event contracts in July 2028.
DraftKings plans to invest $900m to $1.05bn in prediction markets across 2026 and 2027, the company said in its third-quarter earnings release. The projected investment is measured in adjusted EBITDA.
Flutter Entertainment chief executive Dan Taylor said on its 4 November earnings call that the company expects more clarity in the coming months on the economics of FanDuel Predicts. FanDuel recorded $119 million in trading volume in the third quarter; Flutter expects its market-making operation to generate $50 million in revenue and $40 million in adjusted EBITDA during 2026.
Dan Taylor, Flutter's chief executive, told the third-quarter earnings call on 4 November that the coming months should sharpen the company's view of how its prediction market business makes money. At issue is whether FanDuel Predicts can turn a profit by itself, or can only help recruit customers in states that could later permit online sports betting.