Prediction market companies are getting fresh lobbying support as they face mounting regulatory pressure from around the U.S. and aggressive public relations campaigns from opposing trade groups.
The Coalition for Prediction Markets, founded in December 2025, has started to spend on both state and federal lobbyists in recent months on behalf of its membership, which includes Kalshi, Crypto.com, Coinbase, Robinhood and Underdog. The funding augments ongoing lobbying efforts from the individual firms.
According to government disclosures, the Coalition for Prediction Markets spent $50,000 in California from April to July through the firm Redwood Public Affairs, which lobbied the offices of Attorney General Rob Bonta and Gov. Gavin Newsom. Redwood founder Evan Corder is Bonta’s former legislative director and chief of staff, according to the group’s website.
California law does not allow sports betting, though the state has been slower than many others to go after prediction markets. Two of California’s three neighbors, Arizona and Nevada, are in litigation with Kalshi.
The coalition also paid $100,000 to advisory firm Invariant for federal lobbying in the second quarter of 2026. Invariant used the money to “educate policymakers on prediction markets and event contracts” and “monitor proposals related to digital commerce, emerging technologies and regulatory frameworks governing prediction markets.” Moving forward, the Coalition for Prediction Markets will pay an Invariant spin-off company called Determinant to provide federal lobbying services.
