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Kalshi, Polymarket and their founders have donated at least $5 million to Republican and Democratic political groups during the 2026 election cycle, Reuters reported.
The increased giving comes as states challenge those trades as gambling and federal lawmakers scrutinize the industry.
Political Giving Expands Across Both Parties
Reuters reported last week that the combined spending marks a sharp increase from the 2024 cycle and the companies’ first significant push into political giving. Republicans have received $2.7 million, with Democrats receiving the remainder.
The total includes a previously unreported $1 million Polymarket donation to House Majority Forward, a Democratic nonprofit that does not disclose its donors, according to Reuters.
The founders of these prediction markets are also contributing. Kalshi co-founders Luana Lopes Lara and Tarek Mansour had given at least $1 million as of early October, with about 72% going to Republican causes and candidates.
Polymarket CEO Shayne Coplan, who previously donated almost exclusively to Democrats, has broadened his giving this cycle. Reuters reported that Coplan and Polymarket directed roughly $1.3 million to Republican committees and candidates while also supporting Democratic groups.
State Gambling Disputes Give Donations Added Context
Just over a third of the combined giving went to state-level groups backing candidates for governor, attorney general and state legislatures, according to Center for Political Accountability analysis cited by Reuters.
That state-level activity coincides with legal challenges over sports wagers. WTAQ, carrying Reuters’ reporting, said state gaming authorities, attorneys general and Native American tribes have sued to block Kalshi, Polymarket and other operators from offering sports bets. The companies say their wagers are financial instruments overseen by federal agencies.
Separately, Reuters reported growing federal scrutiny over insider trading and national security concerns. Those concerns are distinct from the state disputes over whether the products should be regulated as gambling.
“We have an industry where we’re kind of figuring out the regulations on the fly,” University of Rochester political science professor David Primo told Reuters.
Operators Describe Bipartisan Engagement
“Regulation that keeps prediction markets safe for consumers and allows them to grow in America isn’t a partisan issue,” Kalshi’s head of federal government relations, John Bivona, told Reuters.
Bivona said Kalshi’s disclosures would show donations roughly evenly distributed across both parties by Election Day.
A Polymarket spokesperson told Reuters: “We engage with all sides of the debate and welcome conversations with anyone who wants to learn more about our platform.”
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Sources: As reported by WTAQ News Talk | 97.5 FM · 1360 AM | Green Bay, WI, Biloxi Sun Herald, Reuters, US News & World Report and semafor.com.
