Regulation· ★★· neutral·

Becerra Refunds Kalshi and Underdog Donations Amid California Governor Race

  • —Becerra refunded $39,200 from Kalshi and $50,000 from Underdog Sports Holdings
  • —Becerra's odds stand at 96% on both Kalshi and Polymarket
  • —California governor market volume: $72M on Kalshi and $41M on Polymarket
  • —Kalshi and Polymarket spent at least $3M on lobbying and contributions in 2026
Why it matters: The case highlights the conflict between prediction markets and political financing as the industry fights over event-contract regulation in the US.
Source: DeFi Rate
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