Kalshi Launched in 2021 as an exchange licensed by the Commodity Futures Trading Commission, Kalshi soon ran into resistance from federal regulators when it attempted to add prediction contracts around congressional elections. That led to a court battle that it won in time to offer markets on the last presidential election, a watershed moment that yielded more than $1 billion in volume. When Kalshi expanded into sports with the Super Bowl two months later, it struck oil.