Kalshi, a prediction market company, has threatened legal action against Netflix over a trailer for an upcoming documentary about the industry. The trailer, which was released on Thursday, shows traders partying at a mansion in Las Vegas while watching the recent World Cup final and touting their winnings on prediction sites, including Kalshi.

Prediction Markets Under Fire

The footage has sparked controversy, with Kalshi claiming that it contains defamatory and ‘fabricated’ content. The company has sent a cease-and-desist letter to Netflix, demanding that the trailer be taken down. Kalshi says that the trailer portrays trades being made on its platform in violation of a court order, which requires the company to block sports-related markets in Nevada.

A spokesperson for Netflix has responded, stating that the most prominent trade shown in the trailer was placed in 2025, long before any court orders restricting Kalshi. However, Kalshi has further claimed that the screenshot of the trade is ‘fabricated’ because it contains phrases that have never appeared on its site.

Prediction markets, which allow users to bet on various events, have exploded in popularity this year, with billions of dollars in weekly volume. Companies like Kalshi and Polymarket are regulated like commodity trading, but a bipartisan coalition of over 40 states has argued that they are running unlicensed casinos.

Original reporting: KRDO (Colorado Springs metro) — read the source article.