Kalshi Could Roll Out Casino-Like Product
Posted on: October 12, 2025, 09:00h.
Last updated on: October 11, 2025, 08:17h.
- Prediction market operator’s next move could be internet casino…
- …but it might not look like traditional iGaming product
It hasn’t yet conquered the world of sports betting, but prediction markets operator Kalshi may already be eyeing a move into the iGaming space.
Eilers & Krejcik Gaming (EKG) said it’s possible Kalshi could be mulling a “casino-like product” that if pursued, would mark an iGaming foray of sorts. That form of wagering is enticing for operators because it offers higher margins and superior profitability relative to sports betting. On a gross gaming revenue (GGR) basis, the total addressable market (TAM) for iGaming is larger than that of internet sports wagering.
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.
iGaming is permitted in just seven states today — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia. Six states considered related legislation last year, but those efforts resulted in no approvals, and Indiana has quashed a related bill earlier this year.
Regulators Loom Large in Kalshi Casino Ambitions
Due in part to its insistence that it doesn’t offer sports wagering and as result isn’t a gaming license holder in any state, Kalshi is fighting plenty of state-level legal battles across the country.
That could imply that any casino-related product offered by the company won’t resemble what the likes of BetMGM, DraftKings, and FanDuel currently offer in the iGaming states in which they operate. Said another way, Kalshi offering internet slots or blackjack could be a long way off, if it materializes at all. The regulatory environment could figure prominently in Kalshi’s unconfirmed iGaming ambitions.
The aforementioned synergies “makes casino look like a massive opportunity but the potential pushback from regulators, courts, and Congress could be significant,” adds EKG.
Additionally, the outlook for regulated iGaming expansion in the US is grim. With 2025 drawing to a close, it now appears highly unlikely any state will approve that form of betting and there’s belief the same will hold true next year. Experts believe that the only state to add iGaming before the end of 2027 will be Florida.
What Kalshi Casino Could Look Like
While Kalshi hasn’t publicly confirmed it’s considering iGaming, let alone teased a product, the company could lean its established competencies in yes/no markets that resolve in a day or a matter of hours – feeding into frenzy 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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