House Bill 904, which has cleared the House and is under Senate review, would give the Kentucky Horse Racing and Gaming Corporation expanded control over various forms of wagering, including fantasy sports and prediction markets.
"Today, our Board took decisive action to protect what generations before us fought to build. These so-called prediction markets are an attempt to bypass tribal authority and recast gambling as a financial product. We will not allow that. We will stand united to defend tribal sovereignty and the integrity of Indian gaming."
Intercontinental Exchange has completed a $600 million direct cash investment in prediction market platform Polymarket as part of a broader equity fundraising round. This investment follows ICE's previously disclosed $1 billion commitment made in October 2025, fulfilling its obligations under the investment agreement.
We are continuing to execute our prediction markets treasury strategy, and we are pleased that Lind provided us with substantial capital, stated Shai Novik, Executive Chairman of Enlivex.
Kalshi will ban political candidates from trading on their own campaigns and block anyone involved in college or professional sports from trading contracts related to the sports they play or are employed by.
The legislation is about restoring balance between federal oversight and long-standing state and tribal control of gambling. It will reaffirm existing tribal and state government authority to regulate sports betting, limit online gambling, or in some cases - continue to prohibit all forms of gambling.
The best inflation forecaster on Kalshi over the last few years is not none of the institutions or the big-name hedge funds; it's this guy who lives in Kansas, never traded financial markets before, just likes to read the news, and just knows how to predict inflation.
Supporters of platforms like Polymarket and Kalshi argue that when markets reach enough activity, their collective wisdom becomes a kind of crystal ball - faster than experts, smarter than pundits, and better at identifying outcomes before the rest of the culture catches up. Their evidence: prediction markets correctly called 19 of the 24 Oscar categories.
Arizona will not be bullied into letting any company place itself above state law. The 20-count charging document accuses Kalshi of accepting bets on political outcomes, college sporting competitions and individual player performance in violation of Arizona's gambling laws. The state prohibits operating an unlicensed wagering business and bans betting on elections.
The Younger abstention doctrine provides that federal courts are not to interfere with pending state criminal proceedings. The doctrine is rarely invoked in regulatory disputes, but it can block federal courts from intervening when state criminal prosecutions are already underway. If the judge applies it here, the federal case could effectively stall while the state case proceeds.
Under the bill, a transaction would be illegal if its value "depends on the outcome of future events" tied to certain categories. These include athletic competitions, casino-style contests, political races, or events involving identifiable individuals or groups. Markets connected to wars, terrorism, disasters, public health emergencies, or deaths would also fall under the prohibition.
