Prediction market leader Kalshi has sent a formal letter to industry watchdog FairPredicts, demanding that the company remove all defamatory comments featured on its “Kalshi Lies” campaign, underscoring exactly why we always encourage our readers to consult our comprehensive sportsbook reviews before trusting any betting platform with their action.
Kalshi Demands Fairness
Kalshi has vigorously denied allegations by FairPredicts, a self-proclaimed nonpartisan watchdog group focused on market integrity.
The company recently sent a demand letter to FairPredicts demanding the removal of statements made as part of its “Kalshi Lies” campaign. Kalshi said the campaign contains false and damaging claims about how its regulated prediction market functions.
The letter says FairPredicts mischaracterizes Kalshi’s business model and makes false claims that the company engaged in deceptive conduct and conflicts of interest. Kalshi also denies claims that it profits from customer losses through opaque trading, self-dealing, or market manipulation. While these regulatory battles continue to play out, we always suggest that our readers protect their actions by choosing safe, thoroughly vetted platforms operating across legal online sports betting states.
What is the “Kalshi Lies” campaign?
FairPredicts says its work centers on four key areas: false advertising, insider trading, anti-money laundering, and market integrity. The organization recently launched a six-figure advertising campaign targeting Kalshi, timed to coincide with a Senate committee discussion on the regulation of prediction markets.
The political non-profit group placed multiple ads at Washington, D.C. metro stations, on mobile box trucks, and on social media platforms such as X, using the same design as Kalshi’s April ad blitz to mimic the brand.
One of the major concerns that FairPredicts targets is Kalshi Trading LLC, a Kalshi affiliate, which is an active trader on the same exchange that Kalshi operates. It allegedly trades against regular Kalshi customers and will profit by winning the trade while Kalshi earns a commission even if it loses.
The FairPredicts campaign suggests that average retail customers are competing against Wall Street powerbrokers on the other end of the trade. The campaign points out that Kalshi Trading LLC is not only trading contracts but also that Wall Street firms, such as Susquehanna International, became Kalshi’s first institutional market maker, while Jump Trading took an equity position in exchange for liquidity in February 2026. Keeping a close eye on these shifting industry trends is a crucial part of how we continuously evaluate the market, ensuring we always steer you toward the most transparent and reputable platforms for your action.
FairPredicts recently ran an advertisement showing Kalshi CEO Tarek Mansour stating, “There is no house; anybody can win.” Following that statement, a narrator highlights Kalshi Trading LLC’s role, claiming, “You’re not playing against your neighbor; you’re playing against trillion-dollar market makers.”
Elisabeth Diana, a spokesperson for Kalshi, responded to the campaign’s assertions and stated, “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 added.
But questions began circulating as to who would benefit from a six-figure advertising spend against the leading prediction market leader, only hours before a Senate Commerce subcommittee convened a hearing on gambling and prediction markets called “No Sure Bets: Protecting Sports Integrity in America.”
Because FairPredicts is a political nonprofit organization, it is not required to reveal its donors.
“You’ve got to ask who is actually lying to save their monopolies,” Diana stated. “It’s not surprising that entrenched interests are seeding false narratives to discredit prediction markets. Smells like a casino or sportsbook-led effort.”
While these corporate battles over market share continue to unfold, our primary focus remains on your peace of mind, which is why we only recommend top-rated betting platforms that provide transparent operations and robust safer gambling tools to protect your action.
