Inside the Lobbying War Between Casinos and Prediction Markets

Kalshi’s CEO made a pointed claim on CNBC. The wave of state lawsuits against his company isn’t really about consumer protection, but the traditional gambling industry using regulators to fight off a competitive threat.

A CNN investigation, built on nearly 20 sources, describes something closer to a genuine two-sided war with real money, real casualties, and real complications on both sides.

The escalating lobbying arms race

The numbers here are concrete and current. The gambling industry, comprised of the American Gaming Association and individual casino operators, has spent at least $3.3 million on federal lobbying this year, according to CNN.

For its part, CNBC reports Kalshi’s own lobbying spend at between $990,000 and $1.8 million once outside firms are includ...