NYT reports Kalshi may have tipped FBI before Coplan raid
So, back in November 2024, the FBI showed up at Polymarket CEO Shayne Coplan's place, investigating claims that US users were illegally betting on his platform.
Fast forward to now, a New York Times report suggests Kalshi, a competing prediction market app, might have helped tip off the FBI.
Apparently, Kalshi's lawyers met with prosecutors before the raid and raised concerns about Polymarket's business.
Polymarket accuses Kalshi of media leaks
After the raid, Polymarket accused Kalshi of spreading word to journalists about what happened, but Kalshi brushed it off as "paranoia."
Both companies are now tangled in lawsuits and regulatory probes over alleged gambling law violations.
The rivalry is fueled by their different approaches; Kalshi sticks to US regulations with CFTC oversight, while Polymarket mostly operates offshore with looser compliance.