Connecticut tribes say Kalshi prediction market violates gaming laws

Native American tribes in Connecticut have filed a court brief supporting a state crackdown on the prediction market platform Kalshi, arguing it is siphoning off revenue from tribal casinos, Decrypt reported. The tribes assert that Kalshi is violating the Indian Gaming Regulatory Act by offering prediction and sports-related contracts without their consent. Previously, Connecticut had ordered Robinhood and Crypto.com to halt what it deemed unlicensed online gambling. While Kalshi has sued regulators over the measures, calling them unfair, the tribal groups countered that prediction markets are eroding casino revenue on their lands. The prediction market industry has recently seen rapid growth, with weekly trading volume reaching $6 billion. Kalshi is valued at $11 billion.