"Mainland was hoping to get the court to overturn a lower state court injunction that blocked Kalshi from offering its “markets” related to sports within the commonwealth's borders. Thanks primarily to these sports markets, which accounted for nearly 90% of its revenue in 2025, Kalshi has hit $1.5 billion in annualized revenue."
"For the uninitiated, Kalshi allows users to make money by correctly predicting the yes-or-no outcomes of real-world events. Users are able to buy and sell contracts at prices that range from 1 cent to 99 cents, which roughly approximate the market's sense of the percentage chance that an outcome will occur. When that market “resolves” (i.e., the event either happens or doesn't), those who hold shares in the winning position are paid out at $1 per share."
"If this sounds to you like futures betting by another name, you're not alone. In January, a lower court judge found that Kalshi, by allowing users to buy and sell “event contracts” on everything from final scores to player props, was functionally operating in Massachusetts as an unlicensed sportsbook. There is “no question,”"
A lawyer for Kalshi appeared before the Massachusetts Supreme Judicial Court to argue that Kalshi’s sports-related “markets” do not technically offer sports betting. A lower state court injunction had blocked Kalshi from offering those markets in Massachusetts. Sports markets accounted for nearly 90% of Kalshi’s 2025 revenue, and the platform reported $1.5 billion in annualized revenue. Kalshi also announced a $1 billion Series F and a $22 billion valuation. Kalshi lets users trade yes-or-no event contracts priced from 1 to 99 cents, reflecting perceived probabilities. When events resolve, holders of winning shares are paid $1 per share. A lower court previously found Kalshi functioned as an unlicensed sportsbook by allowing trading on event contracts such as final scores and player props.
#prediction-markets #sports-betting-regulation #massachusetts-supreme-judicial-court #kalshi #event-contracts
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