Technology

Kalshi launches features to keep kids off betting platform

Comments:

by Julia Shapero - 05/04/26 11:52 AM ET

Comments:

Link copied

by Julia Shapero - 05/04/26 11:52 AM ET

Comments:

Link copied

NOW PLAYING

The prediction market Kalshi is cracking down on kids using the platform, launching new features Monday to prevent individuals under 18 years old from accessing the site.

The platform is making face ID the default for users who already have the feature enabled on their devices and encouraging parents to use it and two-factor authentication to prevent their kids from using their accounts.

“We run KYC (customer verification, like regulated brokers) and use that to block them,” Kalshi said in a press release, referring to “Know Your Customer” practices used by financial institutions to prevent fraud and crime.

“But like with any service, motivated minors try to circumvent KYC by using family members’ identification (parents, older siblings, etc.),” it added.

The company is also launching a feature to allow users to check if someone is logging in under their ID, in addition to requesting selfies “as an extra protection layer from higher-risk individuals.”

The announcement follows the introduction of new legislation by Sens. Kirsten Gillibrand (D-N.Y.) and Dave McCormick (R-Pa.) last week, which seeks to bar elected officials from trading on prediction markets and establish additional consumer protections for the platforms.

This includes mandating self-exclusion programs and age verification. Self-exclusion programs allow individuals to voluntarily ban themselves from gambling.

“Today, we’re announcing that Kalshi is proactively implementing measures outlined in the bill, and more,” the company said Monday.

Kalshi noted that it already has self-exclusion and self-limits in place and is adding new features allowing users to give family and friends access to their trading activity and providing deposit limit recommendations to users based on their activity.

Prediction markets, which allow individuals to place bets on the outcomes of particular events, have faced growing scrutiny from lawmakers in recent months, particularly around insider trading.

An Army solider was charged late last month for using confidential government information about the raid to capture Venezuelan President Nicolas Maduro to place bets on Polymarket. He pleaded not guilty last week.

Add as preferred source on Google