Kalshi

Since October 2025, multiple class-action lawsuits have been filed against Kalshi regarding the marketing and legality of its prediction market platform.

A majority of the lawsuits allege that Kalshi misleadingly markets itself as a legal prediction market when it is actually an unlicensed and illegal gambling operation. Some lawsuits also allege that the company deceptively represents that bets are against other users when they are actually against Kalshi. One class-action alleges that Kalshi fails to adequately disclose a “death carveout” provision that denies payouts to consumers who bet that Ali Khamenei would leave office before certain dates.

More information on the lawsuits is below.