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The PM Pulse

Every important development in prediction markets in five minutes or less.

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  1. Robinhood and Polymarket US sue Missouri, Missouri files counterclaims against Novig, and Polymarket US and Crypto.com’s OG.com sue Arkansas The PM Pulse 085,
  2. A federal judge fast-tracks the CFTC’s bid to halt Utah’s case against Kalshi, 37 states back New York against Kalshi, and Polymarket US raises fees for smaller traders The PM Pulse 084,
  3. The CFTC tells exchanges to stop geofencing states, a federal judge bars Kalshi sports contracts on two California tribes’ lands, and Kalshi launches single-stock perps The PM Pulse 083,
  4. The Ninth Circuit denies Kalshi rehearing in its Nevada case, Arkansas sues Kalshi, and the Seventh Circuit consolidates the Illinois appeals The PM Pulse 082,
  5. The Second Circuit denies Kalshi and Coinbase injunctions, a judge says the challenge to single-stock perps is likely to succeed, and STX wins its exchange designation The PM Pulse 081,
  6. New York’s attorney general targets Kalshi’s influencer marketing, Senate Democrats question X over Polymarket ads, and Sporttrade wins CFTC exchange approval The PM Pulse 080,
  7. The CFTC and DOJ ask a judge to halt Utah’s criminal case against Kalshi, an Illinois injunction takes effect, and the 76ers name Kalshi the first NBA team prediction market partner The PM Pulse 079,
  8. Kalshi raises $1 billion at a $40 billion valuation, a breach halts Polymarket DeFi trading, and Coinbase prediction markets top $200 million in annualized revenue The PM Pulse 078,
  9. Utah files criminal charges against Kalshi and its founders, 37 states back Utah in the Tenth Circuit, and Kalshi sues Missouri The PM Pulse 077,
  10. CFTC and OG.com sue Utah, Robinhood’s prediction market revenue hits $173 million in Q3, and Mansour says Kalshi operates “a market, not a casino” in the WSJ The PM Pulse 076,
  11. NBA names preferred prediction market exchanges, Nasdaq applies for a CFTC exchange, and New York pushes back on CFTC swap rules The PM Pulse 075,
  12. New York moves to enforce Kalshi subpoenas, Kalshi sues Louisiana, and CNN tallies $1.4 billion in midterm trading The PM Pulse 074,
  13. CFTC micro-contract pushback, Hegseth memo on Polymarket and Kalshi, and Polymarket CMO exit The PM Pulse 073,
  14. Ohio tells licensees to cut prediction market ties, Kalshi files college admissions contracts, and High Roller launches ROLR The PM Pulse 072,
  15. Utah sues Kalshi and Susquehanna, Bloomberg on Polymarket’s investors and Coplan, and an LA bar group hedges the Dodgers on Kalshi The PM Pulse 071,
  16. Polymarket DeFi adds geopolitics combos, DKeX doubles its combo maker fee, and students rally to repeal the onion futures ban The PM Pulse 070,
  17. Crypto.com and Novig sue Missouri, the CFTC registers Sporttrade’s clearinghouse, and the NBA bars sportsbook partners from some player props The PM Pulse 069,
  18. Taiwan blocks Kalshi and Coinbase, Polymarket US seeks injunction against New York, and Crypto.com launches Predict Pro The PM Pulse 068,
  19. Underdog sues Tennessee, Kalshi adds anti-harassment rule, and Kalshi and DraftKings' DKeX add injury-protected player props The PM Pulse 067,
  20. Kalshi tells Hawaii it has 100,000 users there, FTC begins sportsbook review, and Roobet-linked Roopicks wins CFTC broker registration The PM Pulse 066,
  21. Polymarket US tiers its rebates, analysts weigh the NFL's Supreme Court push, and most Americans oppose election betting in Reuters/Ipsos poll The PM Pulse 065,
  22. CFTC moves to define event contracts as swaps, Kalshi seeks Sixth Circuit rehearing, and Kalshi probes press secretary bets The PM Pulse 064,
  23. NFL, tribes and AGA urge Supreme Court to take Kalshi case, Seminole Tribe sues DraftKings, and GAO to review CFTC staff cuts The PM Pulse 063,
  24. 39 states urge Supreme Court to take Kalshi case, four tribes launch Kalshi-powered apps, and Liquid and Share expand prediction trading The PM Pulse 062,
  25. Kalshi launches US500 perp, Coinbase adds 15-min and hourly crypto markets, and Edge Markets builds after-hours margin call tool The PM Pulse 061,
  26. Ohio orders 10 prediction markets to stop sports contracts, five prediction market firms weigh in on CFTC market maker rule, and BofA upgrades DraftKings The PM Pulse 060,
  27. Illinois federal judge sides with Kalshi, gaming regulators urge SCOTUS to take NJ v. Kalshi, and WSJ profiles Gen-Z traders The PM Pulse 059,
  28. ARK puts Kalshi in three ETFs, Coinbase Ventures backs Raven, and Rothera passes 5 billion contracts The PM Pulse 058,
  29. Novig raising at up to $2B, CBS News brings in Kalshi, and Polymarket adds deposit limits and self-exclusion The PM Pulse 057,
  30. CFTC sends rules redefining "swap" to the White House, Kalshi nears a $1 billion raise at a $40B valuation, and Polymarket hires Goldman partner Lisa Mantil The PM Pulse 056,
  31. Polymarket US launches 15-minute crypto markets, CFTC registers Coinbase's clearinghouse, and Kalshi's weather markets beat public forecasts The PM Pulse 055,
  32. Sixth Circuit rules against Kalshi, Citadel weighs in on CFTC's market maker rule, and ProPublica tests DraftKings' safeguards The PM Pulse 054,
  33. New York sues Polymarket, Liga MX v. Kalshi, and Public × Kalshi AI agents The PM Pulse 053,
  34. Kalshi’s NJ SCOTUS extension, DKeX combo rebates, and Kevin Costner’s Ranch Retreat The PM Pulse 052,
  35. CFTC mention markets advisory, Kalshi margin filing, and volume scrutiny The PM Pulse 051,
  36. Polymarket football fee holiday, Kalshi volume drama, and Ireland hub The PM Pulse 050,
  37. Missouri sports C&Ds, Tunica-Biloxi × Kalshi, and Polymarket Midterms Hub The PM Pulse 049,
  38. CFTC Letter for passive software front ends, Polymarket DeFi waives football fees this weekend, and Genius Sports launches Prediction.com The PM Pulse 048,
  39. Ninth Circuit tribal IGRA ruling on Kalshi, Ways & Means wagering-loss fix, and LeBron–Polymarket at $15M a year The PM Pulse 047,
  40. SCOTUS dockets Robinhood and Crypto.com, Novig crosses $1B after CFTC launch, and Polymarket and Kalshi top Week 1 downloads The PM Pulse 046,
  41. Arizona moves to vacate the sports PI, Polymarket US hits all-time highs, and Kalshi Launches gold and silver perps The PM Pulse 045,
  42. CFTC v. New York, FanDuel confirmed market making on Kalshi, and Crypto.com joins Robinhood at SCOTUS The PM Pulse 044,
  43. Connecticut hits nine platforms with C&Ds, Polymarket names its first CFO, and ProphetX goes onchain via Solana The PM Pulse 043,
  44. Novig goes viral with Sydney Sweeney, Robinhood seeks SCOTUS review, and Kalshi files for en banc The PM Pulse 042,
  45. Robinhood partners with OG.com, Underdog sues five states, and Polymarket’s athlete wave The PM Pulse 041,
  46. Coinbase’s Kalshi Michigan vs. WMU fallout, DraftKings targets Kalshi in new ad, and Risk of Ruin with Zvi Mowshowitz The PM Pulse 040,
  47. LeBron partners with Polymarket, Polymarket US Saturday outage, and ProphetX self-certified political contracts The PM Pulse 039,
  48. NFL letter to DCMs, NBA deal terms on the table, and Polymarket Perps The PM Pulse 038,
  49. First Supreme Court petition on sports event contracts, Michigan’s Kalshi injunction, and DraftKings Predictions fees The PM Pulse 037,
  50. Kalshi’s CEO on the Ninth Circuit, letters to Washington and Michigan, and Rothera Picks Stats Perform The PM Pulse 036,
  51. Kalshi posts five enforcement cases, 1789 leads a $21 billion Polymarket round, and a Ninth Circuit follow-up The PM Pulse 035,
  52. Ninth Circuit affirms Nevada, US Open exclusive with Kalshi, and CFTC teleprompter settlement The PM Pulse 034,
  53. Trump Jr. pressed Republican AGs, Novig drops American odds, and the NFL leaves PMs out of sportsbook deals The PM Pulse 033,
  54. Connecticut sues Kalshi, BetMGM adds prediction market features, and Peabody and ETR pull public numbers The PM Pulse 032,
  55. Kalshi signs five MLB teams, DraftKings ads in non-sportsbook states, and Kalshi's SEC letter on Cboe The PM Pulse 031,
  56. Gemini and Apex, Dodgers and Braves add Kalshi, and EntropyIO The PM Pulse 030,
  57. Nevada cites North Carolina’s tax, Polymarket’s DOJ referrals, and Imawhale’s $2 billion The PM Pulse 029,
  58. Selig’s IAC meeting, Kalshi’s Washington restriction, and a 2M market calibration study The PM Pulse 028,
  59. Selig at the White House, Cantor Fitzgerald Block Trading, House Wildfire Ban The PM Pulse 027,
  60. Kalshi US500 and Copper Perps, Wallach’s 2027 SCOTUS Path, Harvard Surveillance Note The PM Pulse 026,
  61. Kalshi Second Circuit Filing, Polymarket U.S. Parlays, Kalshi Commodity Markets The PM Pulse 025,
  62. Nevada Geofencing, ProphetX Fall Roadmap, Gemini Prediction Markets Growth The PM Pulse 024,
  63. Mention Markets Under CFTC Review, Underdog Faces Aristotle Suit, Castle’s $500K Goat-Herder Hedge The PM Pulse 023,
  64. Kalshi & Polymarket Hires, Fliff & Onyx FCM Filings, Novig Interviews a Sharp Taker The PM Pulse 022,
  65. CFTC Emergency Order, River Markets Fundraising, Kalshi CEO Interview The PM Pulse 021,
  66. Kalshi × Nasdaq, ProphetX × Pikkit, FlightAware sues Kalshi The PM Pulse 020,
  67. CFTC American-Style Odds Warning, Novig Expands State Suits, NY Remand Motion The PM Pulse 019,
  68. DraftKings Q2 Results, Polymarket × Yankees, Sports Traders Union The PM Pulse 018,
  69. Flutter Earnings Update, Utah Appeal, Novig Sues New York The PM Pulse 017,
  70. Utah Summary Judgment, Novig Live Nationwide, and Polymarket’s $20B Talks The PM Pulse 016,
  71. NY Case Assigned to Torres, Kalshi 15-Minute Gold & Silver, and Polymarket ATP The PM Pulse 015,
  72. NY–Kalshi Escalation, DraftKings Faces Class Action, and CFTC Enforcement The PM Pulse 014,
  73. New York Sues Kalshi, CFTC Market-Making Rules, and IG Buys Underdog The PM Pulse 013,
  74. NY Path Opens for Enforcement, CFTC Loses in Wisconsin, Robinhood PM Revenue Tops Crypto The PM Pulse 012,
  75. CFTC Comment Flood, ProphetX Raise, and Underdog’s Fast Start The PM Pulse 011,
  76. Minnesota Injunction, Fanatics Exchange Deal, and Kalshi’s SDNY Setback The PM Pulse 010,
  77. Netflix Documentary, Nevada Settlement, and Kalshi’s New York Appeal The PM Pulse 009,
  78. ProphetX Expansion, H.R. 9706, and Advertising Scrutiny The PM Pulse 008,
  79. Kalshi Midterms Hub, CME-FanDuel Strain, and CFR Discussion The PM Pulse 007,
  80. Kalshi Metals Perps Filing, Congressional Hearing on Sports Contracts, and Wisconsin Election Warning The PM Pulse 006,
  81. Washington Injunction, Kalshi-Polymarket Rivalry, and Polymarket Perps Launch The PM Pulse 005,
  82. Underdog Launches Its Own Exchange, World Cup Volume Surge, and More Regulatory Scrutiny The PM Pulse 004,
  83. Insider Trading Probe, Kalshi’s Biotech Push, and Institutional Expansion The PM Pulse 003,
  84. Regulatory Moves, AI Edges, and Market Infrastructure The PM Pulse 002,
  85. Kalshi’s GPU Forward Curves, CFTC Action, OpenAI Partnership & More The PM Pulse 001,
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