Kalshi restricts Indian users amid global crackdown on prediction markets

The updated members’ agreement now lists 55 restricted jurisdictions, marking a shift for the platform just weeks after Indian authorities targeted its competitor, Polymarket. In late April, the Ministry of Electronics and Information Technology issued an advisory directing internet service providers and VPN operators to block access to platforms classified as illegal betting sites under the Promotion and Regulation of Online Gaming Act 2025. Officials have increasingly categorized event-based speculation as high-risk, citing concerns over financial losses and the use of stablecoins for cross-border capital movement.

This trend extends well beyond India. Regulatory bodies in Spain, Indonesia, Singapore, and Brazil have already moved to restrict or prohibit similar services, often citing non-compliance with local gambling laws. In the United States, scrutiny has focused on political contracts, with Kentucky officials recently filing lawsuits against multiple operators, including Kalshi and Polymarket, for allegedly running unlicensed sports betting operations. Despite these legal headwinds, Kalshi and Polymarket remain the dominant players in the space, with recent weekly trading volumes reaching $3.7 billion and $3.2 billion respectively, driven largely by sports-related wagers.