File photo: Residents vote in Madison, Wisconsin, on April 1, 2025. Wisconsin election officials recently warned voters in the state that betting on the midterms could disqualify their vote or result in prosecution. That prompted legal threats from the prediction market Kalshi, which is allowing people to bet on hundreds of midterm races.

The spat between the leading prediction market company and a key battleground state could be a glimpse into the next major fight between states and the fast-growing industry.

(Image credit: Scott Olson)

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