Kalshi caught changing rules last minute, making users lose money

[shinratensei_]

Seems like Kalshi will be facing a class action lawsuit by many people that felt wronged in this multi million dollar market.

I wonder what will end up happening now.
The winners of the other side already got their bag and will likely run with it.

So Kalshi might have to cover it out of pocket.

They shouldn't have managed this market with so many millions in it with such a light heart.

I think even if those who their bet get canceled take a class action against Kalshi. I think it will be dropped caused by betting on someone's death being classified as illegal according from the federal law. So i guess the better they to accept it, and move on.
I know that missing millions of profit is painful, but there's nothing they can do for that.

[AHOYBRAUSE]

Never used Kalshi and never intended to. I see several youtube people promoting them here and there, but I also read bad stuff in the past about this site.
The problem about changing the rules all of the sudden is, they are basically protected by their TOS. They cah change whatever shxt they want, whenever they want. The problem is though, you can't change them for a bet AFTER it was made. When you place a bet you accept the TOS, that's the TOS of that moment, not future TOS. So even if they changed it now, to grade the bet mentioned only the old TOS should be taken in account for I would say.
But hey, what do I know, I'm just sipping s.....

[Ever-young]

I think even if those who their bet get canceled take a class action against Kalshi. I think it will be dropped caused by betting on someone's death being classified as illegal according from the federal law. So i guess the better they to accept it, and move on.
I know that missing millions of profit is painful, but there's nothing they can do for that.

Though, something like this its very painful and annoying, which is why its important to note that gambling is never to be something that one will able to predict it. That's why people are to gamble with the amount they can easily lose and will not be affected by it negatively, incase such thing like this does happen, they won't be stranded and that affected. And also, people are to have the awareness that whatever thing that comes with gambling, they should accept it without expecting anything in return, whether now or in the future.

[alani123]

I've done some paper towel math and started believing that unless authorities impose a serious fine on KALSHI there won't be any serious deterrents to fixing markets and profiting heavily from insider activity. Especially as there's no real transparency on origin of funds there should be serious regulation against these types of activities.

[Wakate]

I think even if those who their bet get canceled take a class action against Kalshi. I think it will be dropped caused by betting on someone's death being classified as illegal according from the federal law. So i guess the better they to accept it, and move on.
I know that missing millions of profit is painful, but there's nothing they can do for that.

Though, something like this its very painful and annoying, which is why its important to note that gambling is never to be something that one will able to predict it. That's why people are to gamble with the amount they can easily lose and will not be affected by it negatively, incase such thing like this does happen, they won't be stranded and that affected. And also, people are to have the awareness that whatever thing that comes with gambling, they should accept it without expecting anything in return, whether now or in the future.

If I were the victim, we'll going to meet I court. This is totally unacceptable and it should be against the ethics of ruling this kind of business. The people that had been manipulated on this game should be refunded in full if they know that they wish to change the rules.
They have never meant people that are mad and like problem that is why they think they can change the rules so users that bet on the outcome of the prediction can lose their money for no reason.

[bhadz]

I've done some paper towel math and started believing that unless authorities impose a serious fine on KALSHI there won't be any serious deterrents to fixing markets and profiting heavily from insider activity. Especially as there's no real transparency on origin of funds there should be serious regulation against these types of activities.

Even if the authorities do that, kalshi is more keen in paying the fine rather than paying those winning bets. They'll deal more with the legal matters than of the players who should have won and yet, they can justify that they can change their terms whenever they can. Forget about the transparency in it because if it happened for a lot of gamblers there, it's probably a practice that they have been doing and it only took someone to voice out that scenario for them to get exposed.

[letteredhub]

Out of office is out of office because the only way that can be achieved is through death since no one in Iran will betray the Supreme Leader of Iran in order to kick him out of office. The prediction means anything can happen to him that would make him not be in power anymore either alive or not. N

Prediction market can be manipulated and we have discussed about that in recent times. I feel for this guy because he was scammed by Kalshi, since it wasn't written in the beginning before the prediction that death case is excluded.

Am sure the prediction site named in the topic has evaluated all possible avenues through which the Iran Supreme Leader Mojtaba Khamenei could be ousted with and death was that very possible way and they had to change the rules at the eleventh hour. It's part of the edge we talk everyday about casinos having the edge in gambling and predictions platforms over the gamblers. They can fine tone smart reasons why they have to take certain sudden changes that wasn't initially part of the rules of the game/event in the bets.

How else where they expecting Khamenei to be removed from his position as Iranian President except by killing him? It's all manipulation by the given prediction site

[Hispo]

I've done some paper towel math and started believing that unless authorities impose a serious fine on KALSHI there won't be any serious deterrents to fixing markets and profiting heavily from insider activity. Especially as there's no real transparency on origin of funds there should be serious regulation against these types of activities.

Obviously, if there are not clear and heavy consequences against betting platforms which carry those devious practices then they will continue doing them. They move millions of dollars and they have got enough people betting on their markets that any piece of relevant privileged information is enough to make the platform to pocket and substantial amount with no effort.

The problem is that there is no clear regulation and foundations in place for people to report these irregularities and law enforcement to properly punish prediction markets that cause their power and influence.

This is a very new niche market which has gotten the spotlight thanks to the presidential election of the USA back in 2024. So regulation and laws to keep things as transparent as possible is still in its way.