Kalshi has filed with the CFTC to list single-game event contracts, industry observers wonder whether exchanges could disrupt traditional sportsbooks.

Kalshi provided the ability for football fans in all 50 states to bet on Super Bowl action featuring the Kansas City Chiefs and the Philadelphia Eagles.

While legal sportsbooks are not available nationwide, the Kalshi event trading platform is accessible throughout the country. Kalshi is not a sportsbook, but rather a platform for users to trade event contracts on yes/no outcomes of events, like the winner of today’s Super Bowl.

Kalshi prohibits current and former players, coaches, and staff of the NFL, NHL, NBA, and NCAA from purchasing the contracts. It also prohibits employees of the league, league participants, owners of teams and the league, and household members and immediate family of those previously mentioned.

The regulatory commission has already opened a review on Crypto.com’s similar offerings. The CFTC initiated its review on Dec. 19, 2024, for contracts offered by Crypto.com based on the winner of a league championship and the hometown that will host a championship celebration, such as a parade, for its winning team.