Prediction Markets and Gambling Industry Boost Lobbying Spending Ahead of 2026 Congressional Scrutiny
A lobbying arms race is intensifying in Washington as prediction market platforms like Kalshi and Polymarket, along with the casino and gaming industry, increase spending to influence Congress in 2026. Kalshi spent $990,000 directly on lobbying in the first half of 2026, nearly matching its total for all of 2025, and nearly $1.8 million including outside firms. The American Gaming Association spent $1.39 million so far in 2026, up 30% from the same period in 2025. The spending surge comes amid growing regulatory and congressional scrutiny over insider trading on prediction markets, including trades linked to U.S. military actions and a teleprompter operator for President Trump under investigation. Kalshi has hired former Biden and Obama officials and Donald Trump Jr. as a paid advisor, while Polymarket uses a single lobbying firm. Lawmakers have expressed concern about betting on sports, elections, and government actions.
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