NASDAQ:TWG News 6 December 2025

February 5, 2026, 7:44 AM EST. Prediction market platforms like Kalshi and Polymarket enable sports wagering in states banning traditional sportsbooks, including California. These platforms let users trade event contracts rather than place conventional bets, creating a legal gray area as they avoid acting as the 'house' while charging fees. Kalshi reported $161 million in Super Bowl market trading volume, a sixfold rise from last year. Critics question if these contracts amount to repackaged gambling, referencing California's century-old law prohibiting betting on sports. Industry advocates argue these markets are federally regulated financial exchanges distinct from traditional sportsbooks, allowing traders to buy and sell positions until outcomes settle. Legal experts suspect courts will allow this activity to continue for years amid regulatory uncertainty.