OpenSecrets tracks lobbying spending by prediction markets
What happened
OpenSecrets tracked lobbying expenditures related to prediction markets, finding that Kalshi, Polymarket, and the Coalition for Prediction Markets have spent at least $3 million on lobbying and campaign contributions. Kalshi made contributions to both Republican and Democratic Attorneys General associations. Furthermore, New Mexico Attorney General Raul Torrez filed a lawsuit against Kalshi, claiming that prediction markets violate federal law and Tribal gaming compacts.
From ksfr.org
Why it matters
The spending indicates a significant effort by prediction market operators to influence state laws and regulations. The lawsuits filed by state officials highlight growing regulatory challenges facing the industry.
OpenSecrets and the Montana Free Press are organizations that track money in politics.
From ksfr.org
Who's involved
- OpenSecretsIndependent nonprofit research group tracking money in U.S. politics
- PolymarketOnline prediction solicitation and aggregation engine targeted by regulatory action
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- PolymarketSpeculative
Polymarket might face increased legal and lobbying costs due to ongoing lawsuits against prediction markets.
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The entities involved
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OpenSecrets
independent nonprofit research group tracking money in U.S. politics and its effect on elections and public policy