Online prediction market operator Kalshi plans to announce on Friday that it has raised more than $300M in a new round of financing at a valuation of $5B, reported The New York Times’ Michael J. de la Merced. The company also plans to disclose that it will start letting customers in more than 140 countries place bets on its website, according the report. Kalshi is on track for $50 billion in trading volume on an annualized basis, a big jump from the roughly $300 million in annualized volume it recorded last year, the Times noted. Recent concerns about the rise of prediction markets have weighed on shares of online sports betting stocks including DraftKings (DKNG) and Flutter Entertainment (FLUT). Earlier this week, Polymarket, Kalshi’s chief rival, announced that IntercontinentalExchange (ICE), the parent of the New York Stock Exchange, would invest up to $2B.
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