Massachusetts Files Lawsuit Against Sports Betting Platform Kalshi

## Overview Kalshi is a pioneering financial technology company that operates the first and only federally regulated event contract exchange in the United States, enabling both retail and institutional traders to buy and sell contracts based on the outcomes of future events—ranging from economic indicators and political elections to cultural milestones and scientific developments[2][3]. Founded in 2018 by Tarek Mansour (CEO) and Luana Lopes Lara (COO), the company is headquartered in New York City and has grown rapidly, employing over 200 people as of 2025[1][2]. ## What Kalshi Does Kalshi’s platform allows users to trade “event contracts”—binary options that pay out based on whether a specific event occurs. These contracts cover a wide array of topics, from inflation prints and interest rate decisions to the outcomes of major elections and even entertainment awards like the Oscars[1][3]. By offering a regulated venue for such trading, Kalshi aims to democratize access to prediction markets, providing both a tool for hedging risk and a mechanism for expressing—and monetizing—market sentiment on real-world events[1][2]. ## History and Founders The founders, Mansour and Lara, met as undergraduates at MIT, bonding over a shared fascination with financial markets and uncertainty[1][3]. Both bring strong quantitative and technical backgrounds, with experience at top-tier financial firms such as Citadel, Five Rings Capital, and Bridgewater Associates[1]. Their immigrant backgrounds—Mansour from Algeria and Lara from Brazil—add a distinctive narrative to Kalshi’s story, reflecting the diversity and global perspective often found in Silicon Valley’s most innovative startups[3]. ## Key Achievements Kalshi’s most notable achievement is securing regulatory approval from the Commodity Futures Trading Commission (CFTC), a significant milestone given the historical challenges of launching a prediction market in the U.S.[3][5]. The company has raised