Kalshi, a prediction market platform, has seen massive success with its new Super Bowl prediction contracts, generating over $1 million in sales within days. While Kalshi claims its contracts are legally compliant under CFTC regulations, the situation mirrors a previous dispute with Crypto.com, where the CFTC deemed similar contracts as potentially illegal. Kalshi has a history of challenging CFTC regulations and may benefit from a more lenient stance under the new administration.
In just days, customers have purchased more than $1 million worth of Kalshi ’s new Super Bowl prediction contracts. relating to U.S. sports leagues. Since its Jan. 23 launch, Kalshi has taken in more than $1.3 million on the predicted winner of the NFL Super Bowl . As expected, the returning champions, the Kansas City Chiefs, are currently leading the Philadelphia Eagles by a margin of 54% to 46%. Kalshi ’s latest contracts are specified as “Will win ?” and are offered at prices between $0.
For instance, Crypto.com offers similar sporting event contracts under the auspices of the CFTC. The CFTC, however, doesn’t believe these contracts meet the regulator’s legal requirements. In fact, the CFTC. The CFTC determined the contracts “may involve an activity enumerated in CFTC Regulation 40.11 and section 5c of the Commodity Exchange Act.”
“We remain committed to working with the CFTC and will continue to support our customers and the trading of our sports title event contracts in all 50 states without interruption while we review the CFTC’s notification,” said a Crypto.com spokesperson.
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