Two MIT Math Nerds Crack Open Legalized Gambling on Wall Street

During its short existence, Kalshi has taken a battering ram to the regulatory establishment in its bid to give Americans the inalienable right to bet on just about everything. The US election, Taylor Swift’s next hit, volcanic eruptions, and even the Rotten Tomatoes score for How to Train Your Dragon.

Now, the seven-year old financial exchange is taking it to a whole new level by using its federal financial license to open up sports gambling nationwide, even in states where it is not legal.

Tarek Mansour

Photographer: Alexey Yurenev/Bloomberg

The move has earned the New York-based prediction market cease-and-desist letters from state gaming agencies, and accusations that ...