Kalshi v. CFTC - Round I

Part I - Gaming vs. Gambling: The Distinction is Everything

There seems to be consensus among reputable media outlets that risking money for a political candidate winning an election amounts to betting. This was the Reuters headline:

This was CNBC’s:

You know what’s funny? Even Kalshi does not dispute that the election markets they offer to the public amounts to betting. This is what they say on their website: