Key facts
- Kalshi has added India to its list of 55 restricted jurisdictions.
- Indian authorities had previously warned VPN providers about accessing such platforms.
- Spanish authorities blocked Kalshi and Polymarket over gambling laws.
- US lawmakers are considering legislation to restrict political prediction market trading by government officials.
- Kentucky is suing Kalshi and Polymarket for allegedly operating illegal gambling platforms.
Prediction market Kalshi has added India to its growing list of restricted jurisdictions, now totaling 55, according to an updated members' agreement document. This move follows warnings from Indian authorities in April to VPN providers to cease facilitating access to such platforms. The decision places Kalshi among other prediction markets facing increased regulatory scrutiny globally. Spanish authorities previously blocked access to Kalshi and Polymarket due to local gambling laws, and Indonesia took similar action against Polymarket. Other nations, including Singapore, Poland, Portugal, Hungary, Ukraine, and Brazil, have also prohibited or blocked prediction market platforms. In the U.S., lawmakers have proposed legislation to restrict political prediction market trading by government officials amid concerns over insider trading. Furthermore, Kentucky has initiated legal action against Kalshi and Polymarket, accusing them of operating unlicensed and illegal sports betting and gambling platforms. Kalshi and Polymarket are significant players in the market, with weekly trading volumes of $3.7 billion and $3.2 billion, respectively, with sports betting being a dominant category on both.