The prediction market Kalshi threatened authorized motion towards Netflix on Friday, claiming a trailer for its upcoming documentary concerning the trade comprises defamatory and “fabricated” content material, in response to a letter obtained by NCS.
Netflix, the favored streaming service, released a trailer Thursday teasing the documentary, “The Prediction Games,” which is ready to be launched Sunday. The footage reveals merchants partying at a mansion in Las Vegas whereas watching the current World Cup remaining and touting their winnings on prediction websites, together with Kalshi.
It’s unclear the place and when the trades featured within the trailer have been positioned. But trade watchers pointed out that there’s at present a court docket order requiring Kalshi to dam sports-related markets in Nevada, because of a lawsuit towards the corporate that was filed by the Nevada Gaming Commission.
Kalshi says it’s complying with the decide’s orders, and its attorneys wrote within the cease-and-desist letter that the trailer contained “misleading statements portraying trades being made on Kalshi in violation of a court order.”
A spokesperson for Netflix instructed NCS probably the most outstanding commerce proven within the trailer was positioned in 2025, lengthy earlier than any court docket orders limiting Kalshi.
Kalshi demands Netflix take down trailer for prediction market documentary, INSTADOCS: THE PREDICTION GAMES.
On prediction markets, customers can guess on almost all the things, from sports activities, to elections, awards reveals, the climate and extra. They have exploded in recognition this 12 months and now see billions of {dollars} in weekly quantity.
Companies like Kalshi and Polymarket aren’t legally thought of playing platforms below federal legislation. Instead, they’re regulated like commodity buying and selling.
But a bipartisan coalition of greater than 40 states have argued that these corporations are operating unlicensed casinos. Dozens of lawsuits are underway, with states trying to implement gaming legal guidelines. Judges in Nevada, Michigan and Washington state have blocked a minimum of some Kalshi exercise of their states.
NCS has a partnership with Kalshi and makes use of its knowledge to cowl main occasions, however its editorial staff are prohibited from buying and selling on prediction markets.
The on line casino trade can be mounting its personal push towards prediction markets. The occasion in Las Vegas, featured within the Netflix trailer, was hosted by Winible, a content material creator platform with shut ties to the gaming trade.
In the trailer, one man confirmed what seemed like a Kalshi buying and selling slip on his telephone, with a $5,000 guess for Spain to win the World Cup, (Spain defeated Argentina 1-0.) A Netflix spokesperson instructed NCS that the footage was filmed on the Winible occasion final weekend, however the commerce in query was a lot older.
“The featured trader, with the trades on Spain, showed us a screenshot of his bet that was made in May 2025, prior to any Nevada court order,” the Netflix spokesperson mentioned on situation of anonymity.
Kalshi additional claimed the screenshot was “fabricated” as a result of it contained phrases that it says have by no means appeared on its web site, like “bet slip.” (The firm studiously avoids utilizing phrases like “wager” or “betting,” as a result of it insists that its merchandise aren’t playing, however moderately trading of derivative swaps – an necessary distinction for regulators and the courts.)
The Netflix spokesperson declined to remark about this particular allegation.
The authorized menace comes after Kalshi cooperated with the documentary: The movie options an interview with Kalshi CEO Tarek Mansour, in addition to the CEO of its greatest rival, Polymarket, in response to promotional supplies. (Polymarket declined to remark.)
“Netflix had a chance to make a genuinely interesting documentary about prediction markets,” Kalshi’s head of promoting, Brandon Beckhardt, mentioned in an announcement. “Instead, they made a sensationalized film built on fiction.”
Winible didn’t reply to NCS’s request for remark. The government producer of the documentary additionally didn’t instantly reply to NCS’s request for remark.