Kalshi Inc. is a Manhattan-based prediction market platform, launched publicly in July 2021, where users trade on the outcomes of future events. Although it covers topics like economic indicators, weather, and military conflicts, over 90% of its activity (and 89% of 2025 revenue) is driven by sports betting, with user profitability heavily skewed—there are 2.9 unprofitable users for every profitable one. The platform has faced repeated legal battles and ethical scrutiny, particularly after the CFTC initially blocked its election contracts; a 2024 court ruling allowed those bets, but concerns over election integrity led the U.S. Senate to ban its members and staff from using such markets in May 2026. Founded in 2018 by Tarek Mansour and Luana Lopes Lara (originally as "Kownig"), Kalshi became the first CFTC-regulated designated contract market for event contracts in November 2020. While some analysts question its information aggregation, a February 2026 Federal Reserve study endorsed the platform as a useful tool for measuring macroeconomic expectations, and media partners like CNN and CNBC have signed formal deals with it. In 2025, Kalshi also powered Robinhood's Prediction Markets Hub and aired a controversial generative AI-created ad during the NBA finals.