Update
Kalshi and Donald Trump Jr. Advisory Contract Ends
Kalshi and Donald Trump Jr. have ended their advisory contract. The split occurred after Trump Jr.'s venture capital firm, 1789 Capital, increased its stake in rival Polymarket. Talks began in the summer, following 1789 Capital's investment in Polymarket's latest funding round. Kalshi and 1789 Capital had advised Polymarket since January 2025, when Trump Jr. became president. Utah filed a civil lawsuit against Kalshi and several market makers, alleging illegal gambling. Louisiana Attorney General Liz Murrill filed a separate lawsuit, seeking an immediate restraining order and injunction against Kalshi, Polymarket, and other operators. The disputes center on how state gambling laws apply to prediction markets.