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(AsiaGameHub) –   A group opposing prediction markets has run a series of ads in Washington, DC, and launched a website with the slogan ‘Kalshi Lies‘.

FairPredicts identifies itself as “a nonpartisan market integrity watchdog dedicated to shedding light on the statements and actions of prediction market operators via research, data, and storytelling.”

The organization has not disclosed its funding sources, but has spent hundreds of thousands of dollars on the ad campaign targeting Kalshi.

Ads Mimic Kalshi Campaign

The advertisements, which appeared in Washington, D.C., ahead of a Senate hearing on sporting integrity, mirrored the design of Kalshi’s billboards.

You aren’t trading against your neighbor. You’re trading against trillion-dollar market makers.

Our ad campaign is live across Washington, DC highlighting the TRUTH about Kalshi. pic.twitter.com/mgB1Nr3fbz

— FairPredicts (@FairPredicts) May 20, 2026

Kalshi rolled out an ad campaign in March with several claims, including one that stated, “We aren’t the house”.

In a post on X, the company added, “Kalshi is a federally regulated exchange where you trade against other users. We make money on transaction fees, not market settlements.”

FairPredicts asserts this is a lie.

Kalshi Claims Casino Interests Funding Attack

Kalshi spokesperson Elisabeth Diana alleged the group is funded by casino-related entities.

“Smells like a casino-led effort,” Diana stated. “Prediction markets are fair, transparent, and open. Casinos limit winners (unfair), price with algorithms (opaque), and set the odds themselves (closed). FairPredicts or UnfairPredicts?”

While Kalshi does not set the odds, it operates an in-house trading team, Kalshi Trading. Additionally, its partners include market makers that provide liquidity.

“Like any financial market, including the stock market, market makers are industry standard because they help bootstrap liquidity,” said Diana. “But on most liquid markets, institutional market makers are not a large percent of volume. On Kalshi, it’s about 7 percent or lower.”

Small Group Making Big Profit

The website KalshiLies.com, run by FairPredicts, claims that market makers, including Kalshi Trading, Susquehanna, and Jump Trading, handle the majority of trades. Susquehanna became Kalshi’s first institutional market maker in 2024, and Jump Trading took an equity stake in the company earlier this year.

FairPredicts alleges that 67% of all profits on leading prediction market platforms are captured by 0.1% of accounts. It adds that fewer than 2,000 users have accumulated nearly half a billion dollars.

DraftKings co-founder Matt Kalish also launched a social media critique of Kalshi this week. He similarly claims Kalshi is misleading users into believing it is a peer-to-peer exchange and that market makers dominate the platform.

KALSHI IS “NOT THE HOUSE”
*BUT*
Kalshi have a very friendly in house market maker called “Kalshi Trading” integrated with Kalshi that *could* but def WOULD NOT use all their data to decide if they want to cherry pick tasty bets from app normies like me to profit but def DONT

— Matt Kalish (@mattkalish) May 21, 2026

Kalish further states that Kalshi provides user-identifying data to market makers, who can then choose whether to provide liquidity. This would allow market makers to function like a sportsbook, which routinely limits winning bettors.

Kalish left DraftKings earlier this year after 14 years at the company. Since his departure, the company has been expanding its focus on prediction markets, including launching parlays earlier this month.