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poly

Kalshi, Polymarket and other prediction market platforms jointly sued Kentucky over a 14.25% trading tax

According to Abcnews, several prediction market platforms including Kalshi, Crypto.com, and Polymarket have formed an alliance and filed a lawsuit in state court this Friday, attempting to block Kentucky's newly implemented 14.25% prediction market transaction tax.This tax was passed by the Kentucky legislature in April of this year, targeting transaction fees on prediction market platforms, with a rate of 14.25%, which is higher than the local horse racing industry's tax burden of about 9.75%. The plaintiffs in the lawsuit claim that the tax is discriminatory, unconstitutional, and may conflict with federal law.Prediction market platforms allow users to trade contracts on real-world events (such as economic data, election results, etc.), essentially belonging to the event derivatives market. The plaintiffs argue that this tax will significantly raise compliance costs and may force trading activities to shift to offshore platforms with weaker regulations.Kentucky Attorney General Russell Coleman stated that he will vigorously defend the law in court and asserted that the state government is capable of handling the related challenges.Meanwhile, Kalshi stated that excessive state-level tax burdens will weaken the competitiveness of the legal market and may drive users to illegal trading platforms that lack regulation and protection.This case is seen as the latest development in the ongoing conflict between the U.S. prediction market industry and state regulatory and tax systems.

first_img Polymarket has reached an exclusive partnership with OneFootball, reaching 645 million fans before the World Cup starts

Polymarket announced on Thursday that it has signed an exclusive partnership agreement with the Berlin digital football platform OneFootball, which will connect the prediction market to OneFootball's 200 million monthly active users and 645 million fan ecosystem about two weeks before the start of the 2026 FIFA World Cup. Polymarket will be the only prediction market partner within the OneFootball app, and competitors like Kalshi will not be allowed to enter this product.This is Polymarket's seventh major football partnership this year and the first collaboration aimed at media application distribution channels, having previously signed agreements with MLS, LaLiga, Serie A, Lazio, and DAZN.According to analysis by the Pew Research Center, since July 2024, sports have accounted for 39% of Polymarket's total trading volume. The 2026 World Cup champion market has seen a cumulative trading volume of over $1.2 billion since its launch last July, while the broader World Cup category market totals approximately $1.3 billion.OneFootball has previously launched the OFC token based on Base and Ethereum, as well as the points system BALLS. The integration with Polymarket will convert user engagement into actual transactions. OneFootball has raised over $300 million in funding, with investors including Liberty City Ventures, Animoca Brands, and Adidas.
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