Kalshi now has sponsored deals with Fox, CNN, and CNBC — blanketing cable news with "crowd odds" — while simultaneously fighting lawsuits in a dozen states and staring down the bipartisan Prediction Markets Are Gambling Act. Classic distribution-first regulatory strategy: normalize event contracts as data journalism before the CFTC or state AGs can reclassify you as gambling. Only 30% of Kalshi users even trade — Fox is running sponsored content for a platform whose core product is free odds-checking, not a financial market.

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