- Kalshi locked down an exclusive partnership with CNN that’ll bring its prediction market data to the network’s shows and platforms.
- The company is dealing with lawsuits from several states and a federal case claiming it wasn’t honest about how its trading system actually works.
- Even with all the legal drama, Kalshi just raised $1 billion while big names like DraftKings and FanDuel get ready to jump into the prediction market space.
NEW YORK — Kalshi has landed a major partnership with CNN, marking the prediction market’s biggest media deal yet and signaling a shift in how news organizations might cover future events.
The deal, first reported by Axios on Monday, will incorporate Kalshi’s real-time prediction data straight into CNN’s programming across television, digital and social platforms.
It’s an exclusive deal, meaning CNN won’t be pulling similar data from competitors like Polymarket.
The integration will be led by CNN Chief Data Analyst Harry Enten, who will use Kalshi’s findings in his reporting for both the network’s streaming service and regular TV. A live data ticker will display Kalshi forecasts during important parts, and journalists throughout the network can reference the platform’s probability while discussing upcoming occurrences.
Predictions on news, politics, culture, and weather are all covered by the collaboration. Although the exclusive agreement indicates that both parties see significant potential here, CNN has free access to Kalshi’s data through an automated interface that updates continuously.
Legal Troubles Loom
The CNN arrangement comes at an interesting time for Kalshi, which is now experiencing legal sports betting disputes on many fronts. A federal class action lawsuit dropped last Thursday argues the firm wasn’t precisely honest about how its market-making system works.
According to the lawsuit, institutional traders receive exclusive benefits that ordinary users do not, such as lower costs and improved market access.
Kalshi called the lawsuit “meritless fiction“, but that’s not their only concern. Major US sports betting states like New Jersey, Illinois, and Nevada are among the at least six states that have ordered them to cease operations. Massachusetts has a hearing scheduled for Dec. 9 that could determine whether Kalshi can keep operating there.
The competition isn’t sitting still either. Just last week, Susquehanna International Group partnered with Robinhood to create a rival platform, while DraftKings and FanDuel are preparing their own prediction market launches.
Still, Kalshi managed to fund $1 billion on Tuesday at a $11 billion valuation, apparently wagering big that prediction markets are where journalism is heading.
