Kalshi, Crypto.com launch prediction markets coalition as investor interest soars

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration

Dec 11 (Reuters) - Kalshi and Crypto.com said on Thursday they had launched a national alliance of prediction market operators that includes cryptocurrency exchange Coinbase, retail trading platform Robinhood and sports gaming operator Underdog.

The group, Coalition for Prediction Markets (CPM), comes as the U.S. prediction market has boomed since the start of the year. A federal court's dismissal last year of a prohibition on election betting has also fueled the sector's surge.