Ross Gerber Says Prediction Markets Are Just 'Illegal' Sports Betting Operations As Kalshi Faces Increased Legal Heat

Benzinga12-04

Renowned investor Ross Gerber likened prediction markets to “illegal sports betting” on Wednesday amid a legal crackdown on such platforms. In an X post, Gerber argued that platforms like Kalshi are ...

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Further analysis showed that sports betting accounted for 72% of Kalshi’s all-time notional volume, according to Dune Analytics.\nSee Also: Kalshi Launches Predictions On Solana To ‘Tap Billions’ In On-Chain Liquidity: ‘Tokenization Is The End Game’\nThe criticism comes at a time when prediction markets are facing legal scrutiny. \nThe state of Connecticut on Wednesday issued cease-and-desist orders to major prediction-market operations, including Kalshi, Robinhood, and Crypto.com, accusing them of conducting unlicensed online gambling, specifically sports wagering.\nIn response, Kalshi has sought an emergency temporary restraining order and preliminary injunction.\nLast week, a Nevada judge reversed a crucial court win for Kalshi, ruling that contracts based on sporting event outcomes are not subject to the Commodity Futures Trading Commission. Kalshi has filed an emergency motion for a stay, pending appeal of the order.\nEarlier, a New York State bill sought to ban sports-related and event-based betting on platforms like Kalshi.\nAccording to Dune Analytics, Polygon (CRYPTO: POL)-based Polymarket and Kalshi account for more than 90% of the prediction industry.\nNotably, Binance co-founder Changpeng Zhao spotlighted a new prediction market on the BNB Chain, incubated by his venture capitalist firm, YZi Labs.\nBenzinga has contacted Polymarket, Kalshi, Binance, and Robinhood for reactions to Gerber’s remarks and their overall position on sports betting contracts. A response from the California Gambling Control Commission is also expected.\nRead Next: \nPhoto Courtesy: zimmytws on Shutterstock.com\nDisclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2588005082","isCrawlerRequest":true}