Fox Corporation officially announced a strategic partnership with the prediction market platform Kalshi on Tuesday. Under the agreement, market prediction data provided by Kalshi will be integrated into Fox News, Fox Business Network, Fox Weather, and the Fox One platform, aiming to provide viewers with more intuitive data-driven insights.
Kalshi has previously established similar partnerships with media competitors such as CNN and CNBC. This collaboration with Fox further expands the prediction platform's reach within mainstream media.
Although Fox’s media portfolio covers a broad spectrum of news, the current scope of the partnership explicitly excludes Fox Sports. Regarding this arrangement, a Kalshi spokesperson told the media that sports data was not included in the initial phase of the partnership, but noted that it “may be included in the future.”
Data Expansion Amid Legal Disputes
This partnership comes at a critical time as Kalshi faces legal challenges across several states. Because the prediction contracts offered by Kalshi involve sporting events, some state governments have issued injunctions requiring the platform to cease related operations. Several professional sports leagues have voiced their opposition, attempting to restrict the liquidity of such prediction contracts.
The National Football League (NFL) recently demanded that Kalshi and its competitor, Polymarket, scale back their contract offerings. Meanwhile, the National Hockey League (NHL) has taken a different approach, entering into multi-year licensing agreements with both platforms.
Kalshi maintains that as a federally regulated commodities exchange overseen by the Commodity Futures Trading Commission (CFTC), its operations hold legal precedence. On Monday, an appeals court ruled in favor of Kalshi, determining that New Jersey does not have the authority to exercise jurisdiction over sports event contracts offered by a CFTC-regulated entity.
However, the legal landscape remains complex. Last week, a judge in Nevada issued a preliminary injunction prohibiting Kalshi from offering sports, entertainment, and election-related contracts in the state unless it obtains a local gaming license. Despite these state-level regulatory battles, Kalshi recently completed a new round of funding, bringing its valuation to $22 billion.
