Rep. Ritchie Torres (D-N.Y.) is preparing to introduce yet another prediction market bill, this one criminalizing the use of campaign funds to bet on platforms like Kalshi and Polymarket.
Axios reported on Tuesday that it is the latest in a string of more than a dozen prediction market bills introduced in Congress this year.
None has made meaningful progress, and the cumulative regulatory overhang now looms over Robinhood Markets (NASDAQ:HOOD), whose event contract revenue has become one of Wall Street’s fastest-growing line items.
The $147 Million Question
Robinhood reported $147 million in event contract revenue in the first quarter, up 320% year-over-year, with customers trading a record 8.8 billion contracts through its Kalshi-powered hub.
The brokerage and Kalshi split a two-cent fee per contract, and Robinhood has historically driven half of Kalshi’s total volume.
Its most recent 10-Q flags the …
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