Regulators and gambling harm advocates have been closely watching the rise in popularity of Polymarket and Kalshi
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US-based “prediction market” websites are taking tens of thousands of dollars in bets on Australian elections and even specific words the prime minister, Anthony Albanese, says in parliament, with gambling harm advocates and the wagering lobby raising alarm.
Australian financial and media regulators said they were monitoring the explosion in popularity of platforms like Kalshi and Polymarket, which operate financial exchanges where users buy “shares” in contracts on the outcome of events.
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