BBB National Programs refers prediction market Kalshi to state regulators over ad inquiry

An advertising watchdog escalated its review of Kalshi after the prediction market platform declined to participate in an inquiry into influencer disclosure practices.

Update (June 10, 6:15 pm UTC): This article was updated to reflect that BBB National Programs is not affiliated with the Better Business Bureau, but operates as an independent nonprofit.

BBB National Programs’ National Advertising Division (NAD) is referring prediction market platform Kalshi to regulatory authorities after the company declined to participate in an inquiry into its social media advertising practices, adding another layer of scrutiny to the fast-growing event trading platform.

In a statement published Monday, NAD said it will refer the matter to the appropriate regulatory authorities, including relevant state attorneys general, for possible enforcement action.