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Iran Reaffirms Hormuz Strait Open to Non-Hostile Ships Amid Global Energy Crisis
WorldReutersbloombergNYT+33economistFTcnbcberlingskele-figaroSCMPder-standardFrance 24+25 more24d ago36 sources

Iran Reaffirms Hormuz Strait Open to Non-Hostile Ships Amid Global Energy Crisis

The ongoing Iranian blockade of the Strait of Hormuz continues to severely impact global energy markets, with Kuwait warning of a catastrophic economic domino effect. Iran's Foreign Minister and Ministry of Foreign Affairs have stated that the Strait remains open to ships from nations not backing US-Israeli aggression, communicating this to the UN. The tightened global fuel supply is particularly affecting Asian nations and causing shortages for fuel retailers in Kenya, leading to increased reliance on coal and raising concerns about potential plane groundings, as European Commission President Ursula von der Leyen highlights a 'critical energy situation.'

Technologypublico1mo ago

Prediction Market Founders Clash Over Industry Future

The founders of Polymarket and Kalshi, the two largest prediction markets globally, are reported to 'hate each other' and hold opposing views on how the multi-billion dollar industry should grow, despite their companies' significant valuations.

Prediction platforms under fire over Iran war bets
Politicspunch-ng1mo ago

Prediction platforms under fire over Iran war bets

The online prediction industry faces scrutiny over controversial bets, with platforms like Kalshi facing lawsuits regarding payouts on political events. Read More: https://punchng.com/prediction-platforms-under-fire-over-iran-war-bets/

Kalshi's response to its $2.2 million Iran mess: More fine print
BusinessBusiness Insider1mo ago

Kalshi's response to its $2.2 million Iran mess: More fine print

Kristian Tuxen Ladegaard Berg/NurPhoto via Getty Images Kalshi sparked outrage over how it handled bets tied to the killing of Iranian Supreme Leader Ali Khamenei. On Monday, it announced a proposed rule to quiet those who have said it's running a "death market." Prediction markets say they cut through the noise, but the rules are anything but simple The prediction market Kalshi wants you to know that it definitely doesn't run "death markets." In a notice filed Monday, the company proposed ...

Kalshi says it's punishing its first insider trader: a YouTube streamer's editor
BusinessBusiness InsiderYahoo1mo ago2 sources

Kalshi says it's punishing its first insider trader: a YouTube streamer's editor

Nikolas Kokovlis/NurPhoto via Getty Images Kalshi said on Wednesday that it banned and fined two users for manipulative trades. A video editor who traded about $4,000 on YouTube streaming markets was fined and suspended. A California politician who bet about $200 was fined and banned for 5 years. Kalshi said Wednesday that it has banned and fined a YouTube streamer's editor and a California politician for making banned trades, the first public enforcement activity to be taken by the US-regu...

Nevada sues Kalshi as federal regulators say back off
BusinessBusiness Insider1mo ago

Nevada sues Kalshi as federal regulators say back off

Kalshi's website Thomas Fuller/NurPhoto via Getty Images Nevada regulators sued Kalshi, saying its markets are actually illegal sports gambling. The suit was filed just as the Trump administration sided with prediction markets. Other states have also sued Kalshi, and many legal observers expect the Supreme Court to weigh in. Nevada gambling regulators sued the prediction markets company Kalshi on Tuesday, saying the platform's rapid growth forced their hand. The Nevada Gaming Control Board and the state attorney general sued in Carson City District Court shortly after a federal appeals court rejected a request by Kalshi to stop the state from taking action. The state is seeking an order to stop Kalshi, the country's largest prediction market, from operating what it sees as an unlicensed sports betting operation. "Kalshi has continued to dramatically expand its business, rather than attempting to maintain any kind of status quo," Nevada authorities said in a letter earlier this month. The regulators emphasized that Kalshi has grown rapidly, doing 27 times as much business on Super Bowl Sunday this year compared to the year before. Meanwhile, regulated Nevada gambling operations saw their business shrink, the state said. A Kalshi spokesperson declined to comment on Tuesday afternoon, but the company swiftly asked a federal court to take over the new state case. They argued that only federal law applies to prediction markets, and that the new state enforcement action turns on the same questions that federal courts are already considering. Kalshi has said that its markets are "event contracts," a financial instrument regulated by the Commodities Futures Trading Commission. The CFTC on Tuesday sided with another events-contracts company that is fighting with Nevada regulators, and its chairman, Michael Selig, filmed a video statement defending the new platforms. "Today, the CFTC is taking an important step to ensure that these markets have a place here in America," Selig said. "To those who seek to challenge our authority in this space, let me be clear: we will see you in court." Economists and political scientists have long been fascinated by prediction markets as a way to channel the so-called wisdom of the crowds. They were generally a niche activity until the 2024 US presidential election, when people wagered millions of dollars on sites like Polymarket. Since the election, sports and cryptocurrency speculation have become the dominant markets. Today, more than 90% of the money that flows through Kalshi's platform is staked on sports-related events, and the growth of platforms like Kalshi has spurred traditional sportsbooks like FanDuel and DraftKings to create their prediction markets to take advantage of the light-touch regulation and lower taxes they offer. Legal battles are pending on the East Coast as well, with regulators in Maryland and New Jersey having clashed with prediction markets. Attorneys and other industry commentators have said they expect the Supreme Court to eventually weigh in on the legality of sports contracts on prediction markets. Read the original article on Business Insider

Surging prediction markets face legal backlash in US: ‘Lines have been blurred’
BusinessThe Guardian2mo ago

Surging prediction markets face legal backlash in US: ‘Lines have been blurred’

At least 20 federal suits filed against companies like Kalshi and Polymarket as lawmakers call it ‘loophole’ for gambling State lawmakers and gaming regulators across the US are escalating their fight against prediction markets, arguing that the fast-growing platforms are “basically gambling but with another name”. At least 20 federal lawsuits have been filed nationwide, disputing whether companies such as Kalshi and Polymarket should be treated as federally regulated financial exchanges, as they maintain, or as gambling operations that should be regulated like state-licensed sportsbooks. Continue reading...

Arizona Files Illegal-Gambling Charges Against Predictions Platform Kalshi
BusinessReutersbloombergwsj+4FTNPRBusiness Insiderhollywood-reporter1mo ago7 sources

Arizona Files Illegal-Gambling Charges Against Predictions Platform Kalshi

Arizona has filed illegal-gambling charges against the predictions platform Kalshi, marking the first criminal lawsuit against the company for allegedly operating an illegal gambling business. The Wall Street Journal also reported on these charges.

Kalshi, Polymarket Eye $20B Valuations In Potential Fundraising: WSJ
Businesszerohedge1mo ago

Kalshi, Polymarket Eye $20B Valuations In Potential Fundraising: WSJ

Kalshi, Polymarket Eye $20B Valuations In Potential Fundraising: WSJ Authored by Amin Haqshanas via CoinTelegraph.com, Prediction market platforms Kalshi and Polymarket are reportedly exploring new fundraising rounds that could value the companies at around $20 billion each, roughly double their most recent valuations. Both platforms have held preliminary discussions with potential investors about raising fresh capital at the elevated valuation, the Wall Street Journal report...

Young Men Lose Thousands in Prediction Markets
FinanceeconomistBusiness InsiderYahoo1mo ago3 sources

Young Men Lose Thousands in Prediction Markets

Two young men describe losing thousands of dollars on prediction market platforms Kalshi and Polymarket, highlighting the risks associated with these increasingly popular platforms.