Global crypto-based prediction market headquartered in Manhattan
New York state officials have filed a state Supreme Court lawsuit against Kalshi, alleging the prediction market platform operates illegally without a Gaming Commission license, endangers consumers, and should forfeit gains and pay restitution and penalties. The action adds to a broader clash over how prediction markets are regulated between states and the federal government.
An AI-focused hedge fund called Situational Awareness has reportedly lost about 67% in a month and sold most of its public portfolio to Ken Griffin’s Citadel. The fund’s debt-fuelled, highly leveraged bets on chipmakers and AI firms has forced the sale and has prompted Wall Street to reassess concentrated AI exposures.
Lovable has secured a $400 million Series C led by Menlo Ventures and Scaleup Europe Fund as it reports $500 million in annualized revenue and 60 million projects on its platform. The Stockholm-based startup also notes in-house AI capabilities and a multiyear Google Cloud deal, signaling rapid growth and expanding backend needs. This is a developing story.
Nvidia has announced memorandums with six Wall Street firms to assemble about $500 billion to finance AI infrastructure — data centres, GPU clusters and related compute — for customers that lack cash or credit. Executives are pitching compute as an investable asset class while analysts warn depreciation risk and competition from China could erode collateral value.
Francesca Hong leads a four-candidate field in Wisconsin’s governor race, while David Crowley is backing a bid as the field tightens. In Minnesota, race dynamics center on electability ahead of the U.S. Senate contest as progressives threaten to reshape the party’s trajectory.
The Wisconsin Democratic gubernatorial primary has shifted from a projected landslide to a narrow loss for Francesca Hong. David Crowley’s centrism prevails, inflaming debates on polling accuracy and the role of prediction markets in shaping campaigns.
Washington state has obtained a preliminary injunction against Kalshi, barring most wagers on sports, elections, and related topics. Kalshi must implement geofencing by Sept. 2 and faces penalties if it fails. The case highlights a clash between state regulators and federal oversight over prediction markets, with the CFTC declaring a market emergency amid pressure from New York’s lawsuit.
Kalshi has partnered with The Weather Company to offer weather-related prediction contracts via Weather Channel platforms. The deal expands access to real-time weather probabilities, aiming to help users and businesses hedge against climate risk while sparking debate over the ethics and practicality of trading on weather events.
A wave of court rulings on prediction markets, led by Kalshi, has put federal and state regulators at odds. The Ninth Circuit has ruled Nevada may apply its gaming laws to Kalshi’s sports-event contracts, a decision echoed by other circuits as litigation intensifies. The Supreme Court is likely to weigh in as cases diverge.
The Commodity Futures Trading Commission has ordered former White House teleprompter operator Gabriel Perez to repay $107,539.02 in profits, pay a $65,000 civil penalty and accept a three‑year trading ban after finding he used advance access to presidential speeches to place bets on Kalshi between December 2025 and February 2026. The CFTC credited his cooperation and KalshiEXfor assisting the probe.
Prediction-market platform Kalshi has permanently banned George Santos and fined him $71,356 after its compliance team concluded he traded on contracts tied to his attendance at President Trump’s 2026 State of the Union address and manipulated prices with public statements. The CFTC has already secured a separate $35,000 settlement and a three‑year trading ban.
Bill Simmons’s disclosure that a proxy bet was placed for him in Massachusetts has sparked scrutiny of online sports betting rules. Regulators are reviewing the practice, and FanDuel has voided the bets and reported the matter. The case highlights how location and account rules shape betting activity.
LeBron James has teased a collaboration with Polymarket, with a 14-second video showing the NBA star at Polymarket HQ. CNBC reports the partnership focuses on football, with more details expected next week. The deal marks James’ latest step into prediction markets, joining a cadre of athletes and leagues expanding in this space.
The U.S. is escalating pressure over Iran’s nuclear program amid ongoing Gulf tensions. Officials have signaled that military actions may degrade Iran’s capabilities if diplomacy fails, while combat in the region continues and energy markets respond to the disruption of supplies.
Anthropic researcher Jacob Coxon has resigned and warned that Anthropic and OpenAI are "racing straight to self‑improving superintelligence" and "gambling with our lives," saying builders privately believe AI could kill humanity within the decade. Current and former employees, including Evan Hubinger, have publicly echoed similar existential concerns, prompting fresh calls in Washington for limits and oversight.
Prediction markets tied to elections and sports have surged, with record volumes and new entrants. Regulators warn of manipulation risks as platforms expand amid ongoing court battles over their legality.
A beekeeper has rehabilitated a bumblebee that survived extreme conditions, highlighting resilience and the power of care. The story follows Phoebee’s journey from roadside injury to a viral moment that grounded readers in authentic small acts of kindness.
Sydney Sweeney’s latest campaign for a sports-predicting site has sparked outrage over the objectification of women in sports marketing. Critics say the ads monetize the female body, while supporters argue the star’s branding boosts engagement and dollars for the rapidly growing prediction market sector.
Sen. John Curtis has asked the Republican-led Senate Judiciary Committee to subpoena Donald Trump Jr. over his business ties, foreign gifts and a Russian oligarch-funded wedding party. Curtis has demanded the same scrutiny for Hunter Biden and cited reporting that Umar Kremlev paid substantial costs for Trump Jr.'s Bahamas celebrations in May.
New York State has filed a lawsuit against Polymarket, alleging the platform operates illegal gambling without a license and targets underage users. The suit seeks penalties, restitution, and an order to halt unlicensed operations, following similar actions against Kalshi and other platforms. Polymarket defends its business, saying it engages with regulators and aims to protect consumers.
The Sixth U.S. Circuit Court of Appeals has ruled that Ohio and Tennessee can regulate Kalshi's sports-event contracts under state gambling laws. The court found Kalshi’s contracts do not meet the statutory definition of “swap” and rejected the argument that federal law preempts state gambling rules. The decision adds to a circuit split on the issue and follows recent rulings in other circuits.
Prediction markets expect a strong September jobs figure, with around six-figure gains possible and a 60% chance of more than 90,000 payrolls. August’s rebound supports a higher bar, while the Fed weighs inflation in its policy path. Official data from the Bureau of Labor Statistics will set the verdict Friday at 8:30 a.m. ET.
The NFL is urging the Supreme Court to allow states to regulate sports-prediction markets, arguing these contracts are gambling rather than financial swaps. The league cites $1.8 billion in first-weekend activity and calls for safeguards including a 21-year age minimum for bettors, while defending the CFTC’s federal oversight and highlighting integrity concerns.
The Pentagon has issued a memo barring all Defense Department personnel from using nonpublic information to place bets on prediction markets. The move follows cases where service members and contractors faced charges related to bets tied to operations, including Maduro’s ouster. Authorities warn that such trading can warp judgment and jeopardize operational security.
The NBA has expanded its partnerships to include Kalshi and Polymarket for official prediction markets, while maintaining safeguards on market types and integrity. A memorandum with the CFTC underpins the framework, with additional restrictions on league personnel trading and on certain event contracts.