As UFC fighters battled one another on the White House South Lawn in June.
Another fight was taking shape around the tournament’s cage — which was plastered with advertisements for Polymarket.
Prediction markets, including Polymarket, a co-sponsor of the event, and Kalshi, are at the center of a growing legal battle between the Trump administration and states over how the rapidly expanding industry should be regulated.
New York state sued Kalshi in July, alleging that the company is illegally operating as a gambling platform and skirting the state’s 51% sports betting tax, which is paid by similar platforms such as DraftKings.
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