Kalshi strikes deals with 4 tribes as hundreds more fight it in court

Nearly 250 tribal governments run about 545 casinos across 29 states.

The hit

Kalshi launched prediction apps with four Native American tribes on Wednesday, CNN reports, with the tribes breaking ranks from most of Indian country. Opponents say prediction markets threaten casino revenue that funds tribal infrastructure, while Kletsel Dehe Wintun Nation administrator Eric Wright calls it economic self-determination.

Why it matters

For tribes, the split signals a fight that most experts believe the Supreme Court will ultimately decide. Federal rulings have already gone different ways: two California tribes won an appeals ruling against Kalshi’s sports markets, while a Wisconsin judge declined to shut Kalshi out of Ho-Chunk Nation land after finding the tribe produced little evidence of lost customers.

The record

Tribal gaming facilities	About 545 facilities across 29 states run by nearly 250 tribal governments (federal gaming regulator)
2025 casino revenue	More than $46.2bn in gross revenue, with 56% going to the top 9% of facilities (federal gaming regulator)
Kalshi valuation talk	Kalshi reportedly eyeing a $40bn valuation; Polymarket valued at $20bn
Court split	Two California tribes won a federal appeals ruling against Kalshi & Robinhood sports markets last month; a Wisconsin judge in May declined to shut Kalshi out of Ho-Chunk Nation land
Poarch Band gaming reliance	About 85% of the Poarch Band of Creek Indians’ budget comes from gaming, says vice chair Robbie McGhee

What happens next

Watch for further appeals, with most experts believing the US Supreme Court will likely decide the legality of sports prediction markets.

Sources: Kalshi is launching prediction apps with Native American tribes. That’s dividing Indian country

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