Not the first time I've seen this kind of ad pop up on my phone, so glad someone caught it.
The hypocrisy with Kalshi and Polymarket, especially Kalshi, is wild.
I remember listening to the founders on podcasts and reading their interviews in earlier days. The whole pitch was financial innovation: a new primitive that lets people, and especially institutions, hedge real-world events without having to build a portfolio. They poured PR into institutional hedging use cases, even though some of those counterparties are pretty unknown in actual finance. And whenever the betting question came up, they dodged it with "well, any trading is betting in a broader sense."
Meanwhile ~80% of Kalshi's volume since mid-2024 has been sports. And they're running Meta ads like this one, clearly aimed at average normies to get them gambling, while fighting state regulators in court over why gambling laws shouldn't apply to them.
Tell the grand narrative, canoodle w federal regulators, juice retail gamblers without gambling regulation. They know exactly what they’re doing.
Polymarket does the same. Their IG ads are just a bit more subtle than this.
This Kalshi ad is among the most dystopian ones I’ve seen from any betting app