Ross Gerber Says Prediction Markets Are Just ‘Illegal’ Sports Betting Operations As Kalshi Faces Increased Legal Heat
Posted On December 4, 2025
Renowned investor Ross Gerber likened prediction markets to “illegal sports betting” on Wednesday amid a legal crackdown on such platforms.
Gerber Asks Why Prediction Markets Are Allowed To Operate
In an X post, Gerber argued that platforms like Kalshi are nothing but unlicensed sports betting operations that violate state gaming laws.
“Prediction markets are just illegal sports betting operations that somehow has been allowed to exist,” the CEO of Gerber Kawasaki Wealth and Investment Management said. “Crazy this hasn’t been stopped.”
Gerber said that these platforms are classifying bets as futures contracts, superseding state laws in places like California, where sports betting is still illegal.
Sports Betting Dominates Kalshi Volume
Gerber’s remark was in response …
About The Author
