Robinhood and Susquehanna reportedly plan to launch a futures and derivatives exchange and clearinghouse after acquiring a 90% stake in LedgerX. The venture is expected to begin trading in 2026; the companies have not disclosed the deal’s financial terms.
The venture would give the partners an exchange infrastructure of their own for prediction-market products.
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Nevada Gaming Control Board Chairman Mike Dreitzer said on a podcast that prediction market operators such as Kalshi are running illegal sportsbooks, and that Nevada has no fallback plan if the Supreme Court sides with them. He urged tribes and licensees to hold firm, even though several tribes have partnered with Kalshi this month. The comments followed a CFTC interim rule of 9 October excluding casino-style gambling products from the definition of a swap, alongside a proposed rule covering event contracts.
New Jersey lawmakers are expected to revisit a proposed 9% surtax on prediction markets when the legislature returns in the fall, after the bills stalled before floor votes. Assembly Speaker Craig Coughlin said lawmakers would review concerns that Senate amendments could extend the measure beyond prediction markets; the state estimated the tax could raise $10.3 million to $15.3 million in the current fiscal year.
California tribal leaders said they are planning legal and political efforts to challenge prediction markets operating in the state. California Nations Indian Gaming Association chair James Siva said Attorney General Rob Bonta plans to support a brief in Maryland’s case against Kalshi and pursue separate action in California.
Intelitics chief executive Allan Stone said prediction markets compete with sportsbooks for customers and advertising placements, citing a 13 September interview with European Gaming. Stone said Kalshi recorded almost six million app downloads during the World Cup.
Intelitics chief executive Allan Stone said prediction markets are competing directly with sportsbooks for the same customers, media channels and affiliate placements, raising customer acquisition costs and affecting operator budgets. Stone made the comments in an interview, according to a report.
Meta reportedly held talks with Kalshi chief executive Tarek Mansour last year about a possible acquisition, but the discussions ended without a deal. People familiar with the talks gave conflicting accounts of why they broke down, and Meta and Kalshi declined to comment on the reports. Meta is reportedly developing a prediction-market app, while the reports say its potential use of real-money trading remains unresolved.