Trading the Score: Are Kalshi’s Sports Event Contracts Markets or Mere Bets?

By Andres Castillo, of Saul Ewing What happens when an unstoppable force meets an immovable object? An answer to that question—at least pertaining to Kalshi and whether the sports event contracts it offers are governed by federal derivatives law or state gambling law—is steadily approaching. Kalshi is a web-based prediction market platform that allows customers to trade contracts based on whether specific events will happen in the future. As Kalshi puts it, customers can “trade on anythi