States Fight Kalshi Over Whether Betting on Events Is Gambling

A Washington judge blocked Kalshi from offering bets on future events July 21, 2026, citing state gambling law. Minnesota banned such markets outright. Nearly half of states now fight Kalshi over whether its markets count as gambling or federal financial products. States cite gaming laws; Kalshi and the Trump administration argue federal oversight. Billions trade weekly on Kalshi and Polymarket.