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“At the end of the day, this is not about revenue. This is about channelization,” Nally added. “How much of that black market can we channelize into the legal, regulated market?”

According to Nally, approximately 70% of online gambling in Alberta occurred through unregulated operators prior to the July 13 launch, with the remaining 30% flowing through Play Alberta, the province’s sole legal platform at the time.

As of Sept. 17, 31 licensed iGaming operators are officially live and accepting wagers across the province.

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Friday’s announcement followed an investigation that found he manipulated contract prices linked to his anticipated attendance at the 2026 State of the Union address.

He was also fined $71,356.

Kalshi’s compliance department uncovered a series of large trades made by Santos throughout February 2026 involving contracts that would pay out based on whether he attended the State of the Union address on 24 February. 

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The web of lawsuits and court rulings involving prediction markets has greatly complicated the issue of jurisdiction. Kalshi has been forced to limit trading in multiple states, most notably Nevada, and the CFTC has gone to unprecedented lengths to protect its licencees. This includes suing nine states directly and issuing emergency orders to reject state mandates.

CFTC Chairman Michael Selig is currently the lone sitting commissioner for an agency that traditionally features a bipartisan group of five. Selig has repeatedly defended both the legitimacy of prediction markets as financial assets and the role of the CFTC in overseeing them. The CFTC under his direction has embarked on a series of rule proposals regarding prediction markets, although detractors argue that the proposed changes still allow for sports contracts and in some ways could be seen as a tightening of the belt to make a Supreme Court review look more favourable.

“It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules,” Selig said during a meeting of the CFTC’s Innovation Advisory Committee on 20 August, which featured the CEOs of Kalshi, Polymarket, DraftKings, CME Group and more.