Kalshi has sent a cease-and-desist letter to Netflix, arguing that a trailer for Netflix’s upcoming documentary on prediction markets is false and misleading because it depicts Kalshi trades being made in Nevada, where the company is currently barred by court order from offering those markets.
“The trailer features both fabricated documents and false and misleading statements portraying trades being made on Kalshi in violation of a court order,” the letter reads.
BREAKING:@Kalshi sends “Cease & Desist” letter to @Netflix concerning upcoming documentary purporting to show people using the app in Nevada, where it banned.
From @beckhardt, Marketing Lead at Kalshi:
“Netflix had a chance to make a genuinely interesting documentary about… pic.twitter.com/5WfXQaNVfg
— Bill Speros (@billsperos) July 24, 2026
Due to a lawsuit filed by the Nevada Gaming Commission, there is currently a court order requiring Kalshi to block sports-related markets in Nevada.
The trailer for the upcoming Netflix documentary Instadocs: The Prediction Games features an event at the Mirage Mega Mansion on the day of the World Cup final, with a member of the house saying, “The guys in this house have made millions of dollars on prediction markets, probably eight figures just over the course of the World Cup.”
Whether it’s the World Cup or Taylor Swift’s wedding, tens of millions are betting on the outcomes of almost anything using prediction markets.
Go inside the world of this legal but controversial form of gambling in INSTADOCS: THE PREDICTION GAMES. Premiering July 26. pic.twitter.com/W7gsBl2Zd1
— Netflix (@netflix) July 23, 2026
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If the trades depicted were placed from Nevada after the court order took effect, they would appear to conflict with the restrictions imposed on Kalshi.
However, a spokesperson for Netflix told CNN that the prominent trades featured in the video were placed in 2025, prior to the court order. In the letter, Kalshi accused Netflix of fabricating a trading receipt for a $5,000 bet on Spain to win the World Cup, which Netflix denies.
“The featured trader, with the trades on Spain, showed us a screenshot of his bet that was made in May 2025, prior to any Nevada court order. Netflix upholds the highest standards of journalistic integrity in its documentary programming,” a Netflix spokesperson told CNN in a statement. “No footage in Instadocs: The Prediction Games was fabricated.”
Notably, Kalshi cooperated with the documentary. According to promotional materials, the film features interviews with Kalshi CEO Tarek Mansour.
If Netflix’s account is accurate and the footage depicts trades placed before the Nevada court order, it is unclear how Kalshi’s claims regarding the trailer’s accuracy would ultimately be resolved.
Winible, which hosted the Las Vegas event filmed by Netflix, wrote in a post on X that “these trades were obviously all placed outside of Nevada” and that “it is perfectly legal to track those trades from anywhere in the world.”
As of July 26, 2026, two days after Kalshi sent the cease-and-desist letter, the trailer remains available on Netflix.
About Manny Soloway
Manny Soloway is a Iowa based writer focusing on TV ratings. He is also the founder of the TV Media Blog substack.