Kalshi Sends Netflix Cease-and-Desist Over Documentary

Kalshi, a prediction market platform, issued a cease and desist letter to Netflix on Friday, March 15, 2024, concerning a scene in the trailer for its upcoming documentary "Instadocs: The Prediction Games." The documentary explores the growing world of prediction markets, featuring platforms like Kalshi and Polymarket, and includes interviews with their respective CEOs. The trailer depicts a World Cup Final viewing party in Las Vegas where attendees discuss their use of prediction markets. One individual is shown with a $5,000 bet on Kalshi for a contract predicting Spain's victory in the 2026 FIFA World Cup. Kalshi contends that this depiction is "defamatory" and includes "fabricated documents" that are misleading. The core of Kalshi's complaint centers on the legality of the depicted bet. Kalshi is currently banned in Nevada, making any sports bet placed on the platform in July 2026 illegal within the state. Kalshi claims the screenshot of the bet shown in the trailer was actually from May 2025, nearly a year before the Nevada ban was enacted. Furthermore, Kalshi alleges that a Netflix employee had agreed not to display the bet receipt in the documentary. Despite Kalshi providing evidence to the employee demonstrating the falsity of the claims, the receipt appeared in the trailer circulating on the Netflix app's homepage. Kalshi stated in its letter that Netflix "inexplicably refused to remove the receipt from the trailer." In response, Netflix has defended the trailer's content, asserting that the footage is not fabricated. A Netflix spokesperson told The Hollywood Reporter that the footage was filmed at the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026. The spokesperson added that the featured trader showed them a screenshot of a bet made in May 2025, prior to any Nevada court order that would have prohibited such a bet. The dispute highlights the potential legal and reputational risks associated with depicting financial transactions and market activities in documentaries, particularly when those activities may be subject to varying regulations or have occurred prior to specific legal restrictions.