Kalshi Faces State Referral Over Influencer Ad Inquiry
BBB National Programs’ National Advertising Division will refer Kalshi Inc. to regulatory authorities, including relevant state Attorneys General, after the company declined to participate in an inquiry into its social media advertising practices. NAD announced the referral on June 8, 2026.
Kalshi operates an online prediction market where users take positions on real-world events, such as politics, economics, sports-adjacent outcomes, entertainment, and weather. The NAD inquiry examined two points: first, clear and conspicuous disclosure of material connections between Kalshi and its influencers or affiliates in social media advertising; second, adequate steps to comply with the FTC’s Guides on Endorsements and Testimonials in Advertising.
Kalshi declined to participate in NAD’s self-regulatory process. As a result, NAD will refer the matter to appropriate regulatory authorities and to the sites where the advertising appeared, under Section 2.1(I)(3) of the NAD/NARB Procedures.
A separate report on the matter states that Kalshi has recently strengthened internal affiliate protocols and now prohibits false or misleading promotion around official results. A Kalshi spokesperson said the company continues to comply with advertising laws. Those details do not appear in the official NAD release.
The referral does not state that regulators found a violation. Per the NAD release, it sends the matter to authorities for review and possible enforcement action.
💡TGJ Take
Kalshi’s real exposure is not the referral itself. It is what the referral signals: prediction market advertising is now tested against disclosure standards already familiar to betting affiliates. For any operator that runs influencer or affiliate campaigns, the standard is clear. Every paid post, referral code, and affiliate clip needs a visible commercial disclosure at the point of promotion. Operators that rely on influencers to drive acquisition without explicit disclosure controls are exposed, regardless of the vertical. Compliance teams should audit affiliate contracts now, not after a referral lands.
