Multiple big-brand prediction market operators have formed an alliance “to promote and defend their political interests amid a growing fight over sports betting.”
On Wednesday, reports emerged that initial members of the Washington, DC-based Coalition for Prediction Markets (CPM) include Kalshi, Robinhood, Coinbase, Underdog, and Crypto.com.
dedicated to preserving safe, transparent, and federally supervised access to prediction markets.”
On Thursday, Kalshi and Crypto.com confirmed via a press release they had launched the CPM with the abovementioned initial members. According to the release, the CPM is a US-wide body “dedicated to preserving safe, transparent, and federally supervised access to prediction markets.”
The alliance’s remit is double-pronged, namely to promote federal regulation via the Commodity Futures Trading Commission (CFTC), while fighting legal and PR battles against state gaming regulators intent on blocking their services.
In the release, CPM Executive Board Member Sara Slane, who is also Kalshi’s Head of Corporate Development, stated: “We spent years working with the CFTC because prediction markets must operate with strong federal safeguards that prevent insider trading, protect consumers, and ensure these markets remain transparent and corruption-free.”
The CPM came down hard on state regulators, stating that leaving the “disparate state regimes to govern prediction markets undermines the very guardrails that keep markets fair and prevent insider advantage.”
“The coalition will defend against state-level overreach, including issues tied to sports, elections, and financial and economic indicators.”
