What does the Kalshi-Wealthsimple partnership mean for Canada's prediction market future? According to former Wealthsimple Head of Legal Evan Thomas, the launch demonstrates that Canadian securities regulators can provide a viable pathway for prediction markets. 

He told ReadWrite: “The announcement shows that the Canadian securities regulatory framework can work as a real path to market for prediction market platforms. From the perspective of Canadian market participants, they'll be able to access Kalshi's liquidity and have access to a broad set of contracts, even with the category restrictions. And they'll be doing so through a CIRO-registered dealer with the investor protection framework that comes with it. 

"On the exchange side, Kalshi is a CFTC-registered designated contract market, so the contracts themselves are subject to the regulatory framework of the agency that has been at the forefront of developing supervision for prediction markets. 

£The announcement doesn't change the analysis on sports. The offering is limited to economic indicators, financial markets, and climate, the categories CIRO has authorized. Kalshi's sports and election contracts aren't coming through this channel, at least right now. 

"So, as far as sports prediction markets in Canada go, the picture is the same. If sports event contracts come to Canada, the more likely path still runs through provincial gaming regulators.”

A debate over platform controls erupted last week after Betr COO Alex Ursa highlighted a third-party website that turned Kalshi markets into a slot machine-style game. 

Kalshi executive Brandon Beckhardt dismissed the criticism, arguing the tool was built independently using market data and could have used any underlying asset. He added that Kalshi quickly banned the creator’s access for violating platform rules and potentially breaking the law.

Underdog is taking another step into regulated prediction markets. Following its acquisition of Aristotle Exchange, the company has submitted its first CFTC rule filings, including updates to the exchange rulebook, fee schedule, and a new market maker program designed to support liquidity. 

The filings offer an early look at how Underdog plans to integrate the exchange and build out its event contracts business under federal oversight.

Underdog submitted its first rules filings to the CFTC following acquisition of Aristotle Exchange: amended rulebook, fee schedule & market maker program. pic.twitter.com/e0YGQPTnoh

A new filing in Utah argues recent federal court decisions denying injunction requests from Polymarket and Robinhood strengthen the case against Kalshi. According to attorney Daniel Wallach, the rulings rejected key preemption arguments, found no irreparable harm, and suggested states retain significant authority to regulate prediction markets alongside federal oversight.

Utah @AGDerekBrown offers 5 reasons why the Michigan federal district court's denial of Polymarket's and Robinhood's motion for preliminary injunction--which "addressed and rejected the same legal arguments"--compels the same result on Kalshi's motion for preliminary injunction:… pic.twitter.com/QpRCOJ1Rnf

Minnesota is escalating its fight over prediction markets, arguing in a new court filing that the Trump administration is actively pushing to deregulate the industry. The state points to President Trump's own remarks that "the whole world unfortunately has become somewhat of a casino" while claiming federal regulators are now backing a rapid expansion of prediction market platforms. 

Minnesota defends prediction market restrictions amid federal court challenge - @RWW https://t.co/RP9a0ngxlh #PredictionMarkets

Good afternoon, welcome to today's live blog. 

Fresh scrutiny is landing on Polymarket after a Wall Street Journal investigation alleged the company paid creators to film fake prediction market wins using lookalike websites rather than real trades. The report claims some videos portrayed profitable bets that would have actually lost money, while overseas "clippers" helped amplify the content to U.S. audiences. 

Polymarket says it remains committed to transparency and plans to review its promotional materials following the allegations.