The state said Kalshi is running a sports gambling operation without a license, but the company has pushed back on that characterization.

The bets, known as “parlays” in the US and “accumulators” in the UK, deliver bettors a big payout if a series of wagers come good. But while they form a cornerstone of the mainstream sports gambling market, parlays are difficult for prediction markets to facilitate.

Tennessee’s regulator has ordered prediction market platforms Kalshi, Polymarket, and Crypto.com to stop offering sports-related contracts in the state. Key Takeaways: Tennessee ordered Kalshi, Polymarket and Crypto.

Kalshi burst onto the scene with a compelling proposition: offering event contracts that allow users to trade on the outcome of future events. Unlike traditional sportsbooks or casinos, Kalshi firmly asserts its identity as a federally licensed financial exchange,

Quick Read DraftKings (DKNG) and Flutter Entertainment (FLUT) stocks fell in 2026 as prediction markets like Kalshi captured $720M in NFL bets. DraftKings generates 52% of revenue from sports betting.

Prediction markets let people wager on anything from sports to the downfall of former Venezuelan President Nicolás Maduro.

More than a quarter of the NFL now has an opening at head coach; this slideshow provides the Kalshi markets for all nine openings, and where they may land.