Kalshi adds China and India to global push despite betting restrictions

Fresh off a valuation pegged at about $5 billion, Kalshi is moving into more than 140 countries in pursuit of new markets, naming China and India among its next frontiers—despite stringent gambling laws that have forced some operators to scale back or exit entirely.

The US-based prediction market platform previously operated exclusively in its home market. While Kalshi has not released a full roster of countries in which it would gain access, it did confirm in an email to Sportico on Monday that China and India are part of the worldwide growth plan.

Legal barriers in China and India

Together, China and India account for about 35% of the world’s population—roughly 18% in India and 17% in China—making them potentially lucrative markets for international tech and betting firms. However, both nations maintain regulations that have long challenged global digital operators.

China enforces strict internet controls and bans major US platforms such as Google Search, Facebook, Instagram, and Reddit. It also limits foreign investment and prohibits most forms of gambling outside state-run lotteries. Those policies could present significant operational hurdles for Kalshi’s model.

India has also tightened its stance on online wagering. In August, the Indian parliament passed the Promotion and Regulation of Online Gaming Bill, which effectively bans nearly all forms of online betting. Technology Minister Ashwini Vaishnaw described the measure as protecting citizens “from betting, gambling and fantasy money games that exploit users with false promises of profit.”

Industry response to India’s online gaming law

Following the bill’s approval and subsequent presidential assent, Flutter Entertainment halted paid contests on Junglee, the skill-based gaming platform it had acquired to enter the Indian market. Flutter, which also owns FanDuel, said its India operations “were expected to contribute approximately $200 million [in] revenue” this year, underscoring the region’s financial potential.

Another India-based operator, Probo, ended all real-money activities after the ban took effect. The prediction market startup had previously faced legal challenges similar to those encountered by Kalshi in the US, where debates continue over whether prediction markets fall under gambling or financial trading.

India’s new law imposes criminal penalties, including potential imprisonment, for anyone who facilitates, promotes, or finances online gaming for money. Even before the legislation passed, prediction market platform Polymarket had already blocked access for Indian users, though some individuals reportedly bypassed restrictions using VPNs.

Social media users in India have recently reported being unable to create accounts on Kalshi, suggesting that access may still be restricted despite the company’s stated international reach.

Kalshi’s ability to operate within China and India could affect its revenue trajectory following its latest valuation. Both countries represent substantial user bases but remain tightly regulated environments for online gaming and prediction markets.