Anti-prediction market group kicks off DC ad blitz |
Anti-prediction market group kicks off DC ad blitz
Anti-prediction market group kicks off DC ad blitz
A new group describing itself as a “market integrity watchdog” rolled out a six-figure ad blitz in Washington, D.C., on Wednesday morning, taking aim at prediction market Kalshi, which has ramped up its own messaging in Washington this year.
The group, called FairPredicts, placed multiple ads Wednesday morning at D.C. metro stations, on mobile box trucks and on social media platforms such as X, written in the same design as Kalshi’s April ad campaign. It said the ads aim to “call out” Kalshi for allegedly deceiving users.
It began just hours before a Senate Commerce subcommittee convened a hearing on gambling and prediction markets called “No Sure Bets: Protecting Sports Integrity in America.” NBC first reported on the group’s launch and ad campaign.
In one ad first shared with The Hill, FairPredicts states, “Kalshi Lie #3: ‘We aren’t the house.’ If Kalshi is not the house, why do they win when you lose?” The ad then claims Kalshi Trading LLC is “trading against you.”
It mimics Kalshi’s bus stop ad last month, which read, “Kalshi Rule #3 … We aren’t the house.”
Kalshi Trading LLC is a separate entity within Kalshi, according to records with the Commodity Futures Trading Commission.
Recent lawsuits against Kalshi have also gone after the entity, alleging it is filling a role similar to that of the house in a traditional gambling operation by providing “liquidity for its markets.”
When asked about these claims, Elisabeth Diana, a spokesperson for Kalshi, told The Hill, “Like any financial market, including the stock market, market makers are industry standard because they help bootstrap liquidity.”
“But on most liquid markets, institutional market makers are not a large percent of volume. On Kalshi, it’s about 7 percent or lower,” Diana said.
Read the full report at TheHill.com.
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