A recent Kalshi NBA advertisment has led to questions about responsible gambling.
The platform Kalshi is involved in legal disputes with at least seven states over its federally-regulated event contracts. But that hasn’t stopped the wagering platform from going all in.
In recent months, Kalshi launched so-called sports event contracts, where bettors can wager on sports in a method similar to buying and selling shares on the stock market.
As part of a legal theory in support of its business, Kalshi says its product isn’t gambling. Instead, Kalshi’s product has been referred to as trading or “predicting.”
Kalshi hasn’t been shy about advertising its product while the legal wrangling unfolds.
In recent days, Kalshi took out at least one billboard advertisement in Oklahoma. The billboard ad promoted Kalshi’s markets related to the ongoing 2025 NBA Finals between the Indiana Pacers and the Oklahoma City Thunder.
Oklahoma, home to a robust tribal casino industry, hasn’t legalized traditional online sports betting within its borders. There have been legislative efforts to bring sports betting to the state, but those proposals have stalled so far.
A photo of the billboard ad appeared in a since-deleted post from Kalshi. The company confirmed the billboard ad was real in an email to Gambling Harm.
Responsible Gambling Message?
Putting aside the brewing legal disputes over prediction-style sports betting, Kalshi’s Oklahoma advertisement raised eyebrows related to problem gambling.
In particular, the Kalshi NBA ad didn’t feature a gambling hotline number.
A leading responsible gambling group in Oklahoma believes all gambling ads should display information about a problem gambling resource.
“The Oklahoma Association on Problem Gambling and Gaming promotes responsible gambling across the state and believes all providers of gambling, including speculative betting, should at minimum share the problem gambling helpline (1-800-GAMBLER),” OAPGG told Gambling Harm via email.
Kalshi told Gambling Harm via email that it had complied with its legal obligations regarding the billboard ad.
“As a CFTC-regulated financial exchange, Kalshi has different requirements compared to gambling companies for what language needs to be included on billboards,” a spokesperson told Gambling Harm. “We have included the proper disclaimers in our billboard.”
In text that appears difficult to read from a distance, the billboard ad states, according to Kalshi:
“Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it’s appropriate for you in light of your personal financial circumstances. See kalshi.com/regulatory for more information.”
Many states require gambling ads to conspicuously display problem gambling information.
Kalshi allowed people to bet on the winner of each game in the Thunder-Pacers series, as well as the overall series winner.
Ahead of Game 3 on Wednesday, Kalshi listed more than $270 million in trading volume on the series.
Growing Kalshi Advertising Presence
The Oklahoma billboard isn’t a first for Kalshi. Last year, ahead of the presidential election, Kalshi ran billboard ads in Times Square, according to Axios.
The platform also offers markets on politics and other current events.
Kalshi told Gambling Harm that the Oklahoma billboard was one of “many billboards across the country over the past few months.”
The company’s apparent growing advertising presence has not gone unnoticed by critics.
Victor Rocha, Conference Chair of the Indian Gaming Association, told Gambling Harm in an interview that the Kalshi NBA ad was “outrageous” and a “disregard for the most vulnerable.”
Rocha, based out of California, said Kalshi is thumbing its nose at the regulated gambling industry.
In March, Kalshi announced that it was working on “consumer protection” measures such as “deposit caps, trading breaks and voluntary opt-outs” for users.
Donald Trump Jr. joined Kalshi as a strategic advisor just days before the platform debuted its sports markets.
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