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How prediction markets are shaking up sports gambling in America

NFL and NCAA football betting odds on the video board at the Westgate SuperBook sports book on August 04, 2025 in Las Vegas, Nevada.
Photo: Aaron M. Sprecher / Getty Images

The Financial Times

10 min read
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Kalshi is spearheading a legal battle to expand access to online betting, with support from some in Trump’s circle.

12 September, 2025 by Sam Learner and Oliver Roeder in New York

Little in the 2024 US presidential election was predictable, certainly not the withdrawal of incumbent Joe Biden and his replacement on the ballot by vice-president Kamala Harris. Polling and statistical models struggled to gauge the unusually chaotic race.

Into this empirical

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