Prediction Markets Step Up Lobbying to Fight Stricter Rules (1)

Prediction markets are pouring money into Washington to defend against escalating criticism that their fast-growing platforms are contributing to a gambling explosion and enabling insider trading.

Leading online platform Kalshi, alongside crypto and sports gambling companies that have launched their own prediction markets, are hiring teams of lobbyists as Congress eyes a crackdown on the multibillion-dollar industry.

Together, the companies spent at least $1.84 million on lobbying during the first quarter of 2026. That’s a record amount, up more than 60% from the $1.1 million the industry spent during the same quarter last year.