The Money Behind Prediction Markets: Lobbying Reports and SEC Funding Filings

By Arthur Angelo, PredictionScout Research · Updated Oct 15, 2026, 7:55 AM ET

Key findings

• 34 organizations in 2026, 5 in 2025. That counts every client whose 2026 lobbying report names prediction markets or event contracts in its issue description (62 quarterly reports). They include exchanges, casino and gaming companies, tribal governments, sports players’ unions, trade groups and advocacy organizations. A mention does not show which side a filer is on.
• Kalshi: $990K in in-house expenses, $790K in outside-firm income (Q1–Q2 2026). In 2025: $365K and $670K. 6 outside firms reported Kalshi as a client in 2026. The two figures are reported separately and should not be added: under the Lobbying Disclosure Act, an organization’s own expense total generally includes what it pays outside firms.
• Polymarket’s parent, Blockratize: $180K reported by outside firms in 2026 ($360K in 2025). Blockratize has not filed its own in-house lobbying report.
• Kalshi’s latest Form D (Aug 25, 2026): $1.12B sold of $1.50B offered, 71 investors. Kalshi has filed 7 Form D notices in total.
• Blockratize’s latest Form D (Aug 1, 2025): $135.4M sold of $257.5M offered, 23 investors. Form D reports amounts raised in a private offering; it does not state a company valuation, and we do not cite press reports of valuations.

Lobbying by prediction-market companies

All amounts are quarterly totals for all issues the filer lobbied on, as reported to the Senate and House under the Lobbying Disclosure Act. “In-house expenses” is what a company reports for its own lobbying; “outside-firm income” is what lobbying firms report receiving from it. Amendments replace the original report.

Who named prediction markets in lobbying reports in 2026

Every client whose 2026 quarterly report (LD-2) mentions prediction markets or event contracts in a lobbying issue description, listed alphabetically as filed. These reports do not say whether a client supports or opposes any bill or rule, and we do not infer it.

SEC Form D funding notices

Companies raising money privately under Regulation D file a short notice with the SEC. The table lists every Form D from Kalshi Inc. and Blockratize Inc., plus investment vehicles that name the companies. Vehicles marked “outside” are separate funds set up by third parties to buy shares; they are not the companies’ own fundraising and are not counted in the findings.

Download the data

Company lobbying reports (CSV)Reports naming prediction markets (CSV)SEC Form D notices (CSV)

One row per quarterly report or Form D notice, with a link to the original filing. Dollar amounts are all-issue totals. Free to reuse under CC BY 4.0 with a link back to this page.

Methodology

• Lobbying. Quarterly LD-2 reports from the Senate Lobbying Disclosure Act API. Company reports are found by client name (Kalshi, Blockratize, Coalition for Prediction Markets, Novig). For the second table we search the API for “prediction market” and “event contract” and keep only reports whose issue text actually contains one of those phrases. One report per firm, client and quarter: an amendment replaces the original. Lobbyists report amounts rounded to the nearest $10,000, and amounts under $5,000 may be reported as zero or left blank.
• All-issue totals. A report lists one dollar figure covering everything lobbied on that quarter; the law does not require a breakdown by issue. Totals here are therefore upper bounds for prediction-market lobbying, not measures of it.
• Funding. Form D notices from SEC EDGAR: total offering amount, amount sold and number of investors as filed. Form D does not report valuations, and we do not use press reports of valuations.
• Limits. Lobbying reports describe activity in broad terms and do not show positions; amounts are all-issue totals; some prediction-market lobbying may be described without the phrases we search for. Nothing here is investment advice. Last run: Oct 15, 2026, 7:55 AM ET.

Data sources: prices and volumes come from the public APIs of Kalshi and Polymarket. All trademarks belong to their owners. PredictionScout is independent and not affiliated with any exchange. Nothing here is investment, betting, or legal advice.

Related: regulation tracker · prediction markets in SEC filings · CFTC filings tracker · All research