Core Insights - Kalshi, a New York-based betting platform, has appointed its first CFO, Saurabh Tejwani, amid increasing regulatory scrutiny [2][3] - The company is valued at $5 billion and operates prediction markets for various events, including elections and cryptocurrency [3] - Kalshi is actively promoting its platform through advertising, particularly in New York City, despite facing regulatory challenges [4] Regulatory Environment - Kalshi is under scrutiny from regulators in New York and other states, with the New York State Gaming Commission demanding the company cease operations deemed as unlicensed mobile sports wagering [7] - The company has filed a lawsuit against the New York State Gaming Commission, challenging the state's authority over its operations [8] - Competitor Polymarket has paused operations in the U.S. following regulatory actions, highlighting the uncertain landscape for prediction markets [6] Future Prospects - Tejwani indicated that an IPO is a consideration for Kalshi, although no specific timeline has been provided [3] - The company is leveraging its platform's visibility in political events, as seen with references made by candidates in local elections [4][5]

Core Viewpoint - Betfred warns that a proposed £3 billion tax increase on the gambling industry could lead to the closure of all its 1,300 high street betting shops, resulting in the loss of 6,800 jobs [1][2]. Group 1: Impact of Proposed Tax Increases - The proposed tax measures, advocated by Gordon Brown and the IPPR, could potentially raise around £3.4 billion annually by 2030, with the gambling sector already expected to contribute £3.8 billion in tax revenues this financial year [3]. - Betfred's CEO, Joanne Whittaker, stated that increasing tax rates to the levels suggested would make the retail betting sector financially unviable, leading to the closure of betting shops nationwide and the loss of approximately 46,000 jobs [6]. Group 2: Economic Consequences - Whittaker expressed concerns that raising taxes could have adverse effects, such as reducing tax revenue, accelerating the growth of the black market, and eliminating thousands of jobs in vulnerable communities [4]. - The potential closure of betting shops could severely impact high street presence, exacerbating challenges for town centers and other retailers already struggling under increasing tax burdens [5]. Group 3: Government Response - A Treasury spokesman indicated that the government does not comment on speculation regarding future tax policy changes [7].

Core Insights - Intercontinental Exchange Inc., the owner of the New York Stock Exchange, plans to invest up to $2 billion in the crypto-based betting platform Polymarket, which values the company at approximately $8 billion [1] Investment Details - The investment by Intercontinental Exchange Inc. is significant, indicating a strong belief in the potential of the crypto-based betting market [1] - The valuation of Polymarket at around $8 billion reflects the growing interest and investment in cryptocurrency-related platforms [1]

Business Development - Kalshi, a prediction-market startup, is entering the football betting market [1]