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Taking a page from sportsbook operators who reward their most loyal customers, prediction market giant Kalshi has reportedly rolled out a program dubbed Kalshi Platinum to provide a higher tier of service to select users.
The company has begun emailing “high-volume traders” about the new loyalty program, according to a Business Insider report. Kalshi Platinum includes “access to merchandise and referral incentives” and “tickets to in-person Kalshi events and dinners, plus access to a ‘dedicated account manager’ who can assist with customer support questions from 7 a.m. to 1 a.m.”
In a landscape where traditional sportsbook operators like DraftKings and FanDuel are offering prediction market (PM) options – particularly in California, where traditional sports betting remains illegal – the unveiling of a VIP program represents a further blurring of the lines between PMs and online sportsbooks competing for the same pool of customers eager to wager on sports.
Kalshi sees things differently
Kalshi does not believe the new program is related to sportsbooks.
In fact, a Kalshi spokesperson told Business Insider the program draws inspiration from loyalty programs that many businesses offer.
“Similar to other financial markets, brokerages, and large consumer brands, we’re piloting a program that offers priority support and other benefits to some of our most loyal customers.”
Kalshi has not made an official announcement on its blog. This appears to be a campaign built on direct appeals to customers fitting Kalshi’s criteria for “most loyal” – at least at this time.
Tribes band together
As Kalshi continues to ramp up its marketing efforts, it faces legal challenges from gaming regulators in several states and from Native American tribal groups.
The latest salvo comes from the Indian Gaming Association, National Congress of American Indians, and a host of federally recognized tribes filing a brief in support of Ho-Chunk Nation’s lawsuit in Wisconsin against Kalshi and fellow PM company Robinhood.
According to FX News Group, a number of California entities have also joined onto the brief:
- California Nations Indian Gaming Association
- Agua Caliente Band of Cahuilla Indians
- Elk Valley Rancheria
- Jamul Indian Village of California
- Karuk Tribe
- Lytton Rancheria
- Morongo Band of Mission Indians
- Pechanga Band of Indians
- Picayune Rancheria of Chukchansi Indians of California
- Sycuan Band of Kumeyaay Nation
California tribes suffer setback
Meanwhile, Kalshi won a court battle in California several months ago, when the United States District Court Northern District of California issued an order denying a motion from three California tribes to prohibit the platform from operating on tribal lands.
As this was only a ruling on a preliminary injunction, the lawsuit involving the Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians, and Picayune Rancheria of the Chukchansi Indians tribes is still in play. The tribes contend that Kalshi’s activity around sports outcome predictions runs afoul of the Indian Gaming Regulatory Act and Tribal-State Gaming Compacts.
The initial ruling, however, doesn’t fare well for the tribes in the overall case.
The judge held that Kalshi is a registered entity under the Commodity Exchange Act. And its transactions take place on Kalshi’s platform, meaning its activities don’t qualify as bets or wagers under the Unlawful Internet Gambling Enforcement Act, and “therefore do not constitute ‘unlawful internet gambling’ even if the contracts are received, placed, or transmitted from persons on Indian lands where Internet gambling is illegal.”
