Kalshi's fight over sports betting is hurtling towards the Supreme Court—and the future of gambling is at stake

Kalshi's fight over sports betting is hurtling towards the Supreme Court—and the future of gambling is at stake

Prediction markets Kalshi and Polymarket claim to be truth machines that offer insights into everything from elections to interest rates. But they are also something else: Massive sports betting platforms. Recent reports have found that sports wagers accounted for over 85% of all bets on Kalshi and that, during one four-day stretch, the platform made $25 million in fee revenue from March Madness alone. Prediction markets may have all sorts of pr…