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Prediction market platform Kalshi has sent a cease-and-desist letter to Netflix demanding the removal of the trailer for its new documentary Instadocs: The Prediction Games, claiming the streaming giant has published “false and misleading” material that could damage the company’s reputation and undermine its ongoing legal battles with US regulators.
The dispute centres on a trailer released ahead of the documentary’s July 26 debut, which follows the rapid rise of prediction markets during the 2026 FIFA World Cup. The footage shows influencers gathered at a Las Vegas watch party discussing their success on prediction market platforms, with one participant displaying what appears to be a $5,000 Kalshi position on Spain to win the World Cup.
Kalshi argues the trailer gives viewers the impression that the trade was placed in Nevada during the World Cup final weekend in July 2026, despite the company having been prohibited from offering sports event contracts in the state since May following a court order obtained by Nevada regulators.
In its cease-and-desist letter, Kalshi says the image shown in the trailer is actually a screenshot from a trade placed in May 2025, before the Nevada restrictions came into force. The company also alleges the trade receipt itself is fabricated, claiming it bears little resemblance to Kalshi’s user interface and includes terminology, such as “bet slip”, that has never appeared on its platform.
Kalshi marketing lead Brandon Beckhardt accused Netflix of producing “a sensationalised film built on fiction”, adding that the company believed the disputed image had been digitally altered or generated using AI.
The company is seeking the removal of the trailer together with a public statement retracting what it describes as false and defamatory content. According to the letter, Kalshi had previously raised concerns with Netflix and claims a member of the production team had agreed not to include the disputed image in the documentary before it appeared in the promotional material.
Netflix has rejected the allegations, insisting that none of the documentary footage was fabricated.
A spokesperson said the footage was filmed during the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026, but that the trader shown in the trailer was displaying a screenshot of a position placed in May 2025, before any Nevada court order restricted Kalshi’s operations.
“Netflix upholds the highest standards of journalistic integrity in its documentary programming,” the company said. “No footage in Instadocs: The Prediction Games was fabricated.”
The dispute comes at a sensitive time for Kalshi, which is defending the legality of its sports event contracts against challenges from several US states, including Nevada, where regulators argue the contracts amount to unlicensed sports betting. Kalshi maintains its products are federally regulated event contracts rather than gambling products, making the distinction central to its ongoing litigation strategy.
