As Kalshi captures a dominant 89% of the market, a high-stakes legal battle between federal regulators and individual states will determine if these platforms are treated as sophisticated financial tools or just another form of gambling. Prediction markets in the United States are growing, with weekly volume up 4% and federally regulated exchange Kalshi now commanding about 89% of the market, a Bank of America report finds. A widening regulatory divide is emerging as Kalshi operates under CFTC…
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