Kalshi Drops Gambling Terms From Patent Application

In its most recent federal filings, Kalshi began explicitly reframing how it describes its core prediction markets and event contracts business.

The company is now emphasizing traditional financial language and moving away from gambling-related terms as prediction markets try to differentiate themselves from sports betting.

The shift is most noticeable in Kalshi‘s latest submissions to the United States Patent and Trademark Office.

Exchange or sportsbook?

With a wave of scrutiny around prediction markets on the state and national level, Kalshi dropped the gambling terminology that appeared in earlier trademark filings.

In a Nov. 10, 2025, USPTO filing, Kalshi described its prediction market business as providing:

“Bookmaking services, namely, providing of information related to sports betting; organizing, arranging, conducting sports betting and gambling tournaments, competitions and contests.”

Kalshi filings in May replaced those gambling terms with broader references like “prediction market services” and “trades and wagers.” 

Terminology shift coincides with increased scrutiny

The past few months also saw the Commodity Futures Trading Commission request public comment on prediction market rules, with the industry drawing highly-publicized attention from the White House, state regulators and Congress.

Kalshi and supporters say prediction markets are federally regulated tools for price discovery and forecasting. Critics say the core product still looks and feels like gambling, no matter what the company calls it.

Several state regulators have accused Kalshi of violating gambling laws, while the company maintains that its contracts fall under federal CFTC oversight. On the Congressional level, prediction markets are under the microscope about insider-trading controls and consumer protections.

Kalshi makes responsible gaming investment

Kalshi’s reframing also coincided with a May partnership with the National Council on Problem Gambling, in which the company said it would invest $2 million over two years and would be the first financial trading platform to partner with the organization. NCPG said the funding would support an initiative focused on education, awareness, and responsible participation resources.

“At Kalshi, we believe in the power of prediction markets, and we are sensitive to the fact that they, like any financial trading products, come with risks,” said Kalshi co-founder and CEO Tarek Mansour in a release. “As prediction markets continue to evolve, we are deeply committed to setting a new standard for responsible trading by investing in the tools, education, and protections needed to promote healthy participation and customer safety and hope that over time all trading platforms with significant retail participation follow suit.” 

Kalshi is also trying to appeal more to traditional financial institutions. It is partnering with brokers and working to attract hedge funds and other financial firms. This fits with a broader shift in its filings to reframe itself more like a financial markets company than a gambling company.