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flag Kalshi and Polymarket, U.S. prediction market leaders, clash over regulation and dominance, fueled by a 2024 FBI raid and competing visions.

flag Kalshi and Polymarket, the U.S.’s two largest prediction market platforms, are locked in a fierce rivalry between their young CEOs, Tarek Mansour and Shayne Coplan, driven by competing visions: Kalshi emphasizes regulatory compliance and institutional trust under CFTC oversight, while Polymarket operates offshore without federal approval. flag The tension escalated after an FBI raid on Coplan’s home in November 2024, prompting Kalshi employees and allies to mock him publicly. flag Both companies are vying for the title “the world’s largest prediction market,” with competing trademark applications. flag Despite their animosity, both leaders believe prediction markets better reveal truths than traditional institutions. flag The industry has surged in popularity, with millions betting on major events, reflecting a broader fintech clash between regulation and rapid growth.

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