Kalshi says it's not a sportsbook even as World Cup bets surge

Kalshi became incredibly popular during the World Cup, attracting a lot of betting traffic despite not classifying itself as a traditional sportsbook. This clever positioning allows the company to sidestep billions in potential taxes associated with sports gambling. While this strategy raises questions about regulatory oversight, it highlights the evolving landscape of online betting markets and the creative ways companies are navigating tax laws. The implications extend beyond Kalshi, signaling a broader trend where innovative business models may challenge conventional regulatory frameworks.