Prediction markets operator Kalshi may already be considering a move into the iGaming business, even if it hasn't yet taken over the sports betting industry.
According to Eilers & Krejcik Gaming (EKG), Kalshi might be considering a "casino-like product," which, if pursued, would represent a form of iGaming venture. Because it offers larger margins and better profitability than sports betting, that type of wagering appeals to operators. The total addressable market (TAM) for online sports betting is smaller than that of iGaming when measured by gross gaming revenue (GGR).
"The opportunity is hard to ignore: we size U.S. iCasino at a ~$100bn 50-state GGR TAM, yet only ~12% of adults have access today (vs. ~62% for OSB),” observes EKG.
Only seven states currently allow iGaming: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia. A related law was defeated earlier this year in Indiana, and six states debated similar legislation last year, but those efforts were unsuccessful.
Kalshi is engaged in numerous state-level legal disputes throughout the nation, partly because it maintains that it does not provide sports betting and, hence, does not own a gaming license in any state.
This could mean that the company's casino-related products won't be like those that companies like BetMGM, DraftKings, and FanDuel now provide in the iGaming states where they are active. In other words, if Kalshi ever offers online slots or blackjack, it may be a long way off. The regulatory landscape may play a significant role in Kalshi's unproven iGaming aspirations.
According to EKG, the aforementioned synergies "make casino look like a massive opportunity but the potential pushback from regulators, courts, and Congress could be significant."
Furthermore, there is little hope for the growth of regulated iGaming in the United States. As 2025 draws to a conclusion, it now seems improbable that any state will permit that kind of gambling, and it is thought that this will continue in 2026. According to experts, Florida will be the only state to implement iGaming before the end of 2027.
Although Kalshi hasn't publicly acknowledged that it is thinking about iGaming, let alone hinted at a product, the company could leverage its proven skills in yes/no markets that settle in a day or a few hours, feeding the craze for zero days to expiration (0DTE) trading that so many younger market participants embrace.
“Kalshi already offers hourly markets on economic indicators, as will the forthcoming product from FanDuel/CME group,” concludes EKG. “As such, it might not be a huge leap to move to shorter timeframe resolutions—and further ramp up the pressure on OSB operators.
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