Trump administration backs Kalshi, Polymarket as states move to ban prediction markets

NEW YORK (AP) — The Trump administration is throwing its support behind the prediction market operators Kalshi and Polymarket in a critical legal battle between the growing prediction market industry and states that wish to ban these platforms.

The move by Michael Selig, the recently appointed chairman of the Commodity Futures Trading Commission, could have enormous implications for how sports betting is regulated in the country and, if Kalshi and Polymarket were to prevail, could erode...