Kalshi and Donald Trump Jr. agreed to end his advisory contract, Reuters reported, citing a company spokesperson. The split came after his venture capital firm, 1789 Capital, increased its stake in rival Polymarket earlier this year.
Talks began over the summer, Kalshi said. By then, 1789 Capital had led Polymarket’s latest funding round. Trump Jr. began advising Kalshi in January 2025. His father took office as president that month. The firm first invested in Polymarket that August. Trump Jr. joined its advisory board at the same time.
How States Are Challenging Prediction Markets
Meanwhile, Utah filed a civil lawsuit against Kalshi and several of its market makers. Officials allege the defendants offered illegal gambling to residents. The state also filed criminal charges against the platform.
Louisiana Attorney General Liz Murrill announced a separate lawsuit. She accused Kalshi, Polymarket, and several other operators of offering illegal online gambling. Murrill seeks an immediate restraining order and an injunction.
Louisiana became the 13th state to take enforcement action against prediction market operators. Its complaint is the first by a state to name nearly every platform in the sector as a defendant.
The wider dispute centers on how state gambling laws apply to prediction markets. New Jersey and Robinhood have filings before the U.S. Supreme Court.
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