By The Weekly Edge desk ·
Illinois Representative Travis Weaver is seeking to repeal the state's recently introduced sports prediction market tax, Gambling Insider reported. The proposal would remove a 1.75%-to-3.5% transaction tax that Kalshi and the CFTC have challenged.
The Illinois repeal proposal would remove the sports prediction market transaction tax challenged by Kalshi and the CFTC.
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The partnerships give the tribes customer-facing apps while Kalshi operates the underlying exchange and settles transactions.
Four additional tribal agreements give tribes app ownership and customer management while Kalshi supplies exchange services.
Kalshi’s sponsorships expand MLB prediction market partnerships, with four new partners playing in states that prohibit sports betting.
The agreements give Kalshi advertising exposure and fan engagement opportunities across five MLB teams.
The case could affect whether states can regulate sports prediction markets and the safeguards operators face.
Prediction market exchanges face a CFTC warning about manipulation risks involving public figures’ statements or actions.