A fresh advocacy organization named Americans for Fair Markets has been established with backing from Kalshi, aiming to influence federal regulations surrounding prediction markets and government-sanctioned exchange platforms. The group, which debuted on May 22, intends to run media and educational initiatives to challenge what it views as misleading claims spread by gambling industry entities.
AFM has appointed Taylor Budowich, previously serving as Deputy White House Chief of Staff under Susie Wiles during the Trump administration, as its strategic advisor. This move underscores Kalshi’s growing connections within Republican political circles as the prediction market sector faces heightened oversight from regulators.
The formation of AFM comes as the gaming lobby intensifies its own efforts. FairPredicts, an organization funded by casino operators and spearheaded by former Governor Chris Christie through the American Gaming Association, has launched a substantial advertising campaign directly targeting Kalshi.
According to John Bivona, an AFM board member and Kalshi’s Head of Government Relations, the group is prepared to match or exceed the spending and organization of established interests seeking to protect their market dominance. AFM is expected to join the existing Coalition for Prediction Markets while emphasizing campaign-oriented strategies.
Kalshi has experienced a 32-fold increase in annualized trading volume, and the broader prediction market industry now encompasses approximately $500 billion in assets. The regulatory environment is evolving rapidly, with the bipartisan Gillibrand-McCormick bill being introduced earlier this month as the first comprehensive federal framework for prediction markets. The Commodity Futures Trading Commission is also engaged in a rulemaking process likely to enhance consumer protections.
Earlier, Kalshi secured data partnerships with mainstream media outlets like Fox and CNN, integrating real-time prediction odds into their coverage. Prediction markets are increasingly moving toward institutional adoption, as highlighted by Bernstein’s analysis of Kalshi’s first bespoke block trade. The company has also explored crypto perpetual futures in prior months.