Prediction market platforms Kalshi and Polymarket recorded a combined $50.59 billion in trading volume during July 2026, setting a new monthly record driven by strong interest in FIFA World Cup betting markets and sports contracts.
George Santos, the former Republican congressman expelled from the House in 2023, has settled an investigation into unlawful trading related to wagers he placed on prediction market Kalshi, paying $35,000 to resolve the probe.
New York's attorney general has filed a lawsuit against prediction market platform Kalshi, claiming the company operates illegal gambling operations without proper licensing. The legal action follows similar suits against cryptocurrency exchanges Coinbase and Gemini.
A federal judge granted a preliminary injunction Monday blocking Minnesota from enforcing a new law that would have made it the first state to ban prediction markets like Kalshi and Polymarket. The ruling came days before the law was set to take effect, with the judge finding it likely conflicts with the Commodity Exchange Act.
Gabriel Perez, President Donald Trump's longtime teleprompter operator, has been placed on unpaid administrative leave and is under federal investigation by the CFTC for allegedly using insider knowledge to profit from bets on Trump's speeches on the prediction market Kalshi.
