History of Kalshi in Timeline

Kalshi is a web-based prediction market platform launched in July 2021 and based in Manhattan, New York City. While offering prediction markets on various topics, its activity is heavily concentrated in traditional sports betting. Sports betting constitutes over 90% of the platform's activity and a significant portion of its revenue.

2018: Kalshi Established

In 2018, Kalshi was established by Tarek Mansour and Luana Lopes Lara, initially known briefly as "Kownig".

November 2020: License Attainment

In November 2020, Kalshi obtained a license from the Commodities Futures Trading Commission (CFTC), registering as a designated contract market.

July 2021: Platform Launch

In July 2021, Kalshi Inc. launched its web-based prediction market platform, primarily for traditional sports betting.

2022: Legal and Regulatory Challenges

Beginning in 2022, Kalshi faced legal and regulatory challenges from the CFTC regarding its political and election-related betting offerings, with the CFTC questioning their validity and public interest.

August 2023: Senators Urge CFTC Rejection

In August 2023, Democratic senators urged the CTFC to reject Kalshi's proposal, raising concerns over electoral integrity.

September 2023: CFTC Rejection of Congressional Control Contracts

In September 2023, the CFTC rejected Kalshi's congressional control contracts, leading Kalshi to sue the agency, claiming it exceeded its authority.

2024: Relaunch of Congressional Control Betting

In 2024, following a DC District Court ruling and an appellate court decision, Kalshi was allowed to relaunch its congressional control betting operations.

2024: Election outcome betting ruling

In 2024, the ruling that permitted Kalshi to relaunch its election outcome betting was described as "a sad and ominous day for election integrity."

September 2025: Lawsuit by Massachusetts Attorney General

In September 2025, Massachusetts Attorney General Andrea Campbell filed a lawsuit accusing Kalshi of "promoting and accepting sports wagers" without following Massachusetts gambling laws.

November 2025: Proposed Class Action Lawsuit

In November 2025, a proposed class action lawsuit was filed against Kalshi in New York, alleging illegal deceptive activity and unjust enrichment through unlicensed sports betting.

2025: "Student Ambassadors" Program

In 2025, Kalshi attempted to create a "student ambassadors" program to promote Kalshi on campuses, but it was taken down following backlash.

2025: Partnerships with Media Outlets

In 2025, Kalshi partnered with media outlets CNN and CNBC, potentially integrating betting odds into NFL television broadcasts.

2025: Sports betting revenue

In 2025, traditional sports betting constituted 89% of Kalshi's revenue.

January 2026: Payout Controversy and Resolution

In January 2026, Kalshi initially only repaid the original stake on certain NFL bets instead of full winnings. Following backlash, Kalshi reacted and paid out the users.

January 2026: Preliminary Injunction in Massachusetts

In January 2026, a Massachusetts Superior Court judge issued a preliminary injunction against Kalshi, banning sports-based betting in the state and requiring geofencing technology.