Like other prediction markets, Kalshi lets users make trades based on a variety of different subjects and events. For example, you could participate in a market focused on the results of a basketball game, or something more unusual, like who'll win the current season of Survivor. Despite resembling gambling, online predictive markets aren't currently regulated by state gambling laws, and instead classify bets as a type of futures contract, placing them under the purview of the CFTC. That hasn't stopped states from trying to regulate prediction markets anyway. For example, Nevada sued Kalshi for operating a sports gambling market without a permit earlier in February.
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For pranksters of a certain age, Fraser Smeaton is a hero. With his brother, Ali, and former roommate, Gregor Lawson, the Scottish business leader is cofounder of MorphCostumes. The U.K. company launched a twist on the zentai full-body spandex suit in 2009 and spawned a legion of viral videos. When a Gap store on Fifth Avenue was “morphed” by a band of improv-artists in 2018, the police had to be called. The accompanying video received millions of views.
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