Kalshi has sent a formal cease-and-desist letter to Netflix demanding the removal of the trailer for the upcoming documentary “Instadocs: The Prediction Games.” The prediction market firm claims the promotional video contains false information and is defamatory.
Dispute Over Timeline and Nevada Ban
The trailer for the Netflix documentary focuses on a gathering of prediction market traders in Las Vegas. The group discusses making substantial profits during the World Cup, specifically referencing millions of dollars in earnings. The film is part of the streamer’s “Instadoc” series, which produces fast-turnaround feature films. According to Netflix, the project features interviews with both Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour, aiming to document the rise of the prediction market industry.
However, Kalshi operates under a court-ordered ban in Nevada. The company argues the trailer misleads viewers into thinking its traders successfully operated within the state in July 2026. Kalshi officials stated the screenshot of a $5,000 bet shown in the clip was actually taken on May 16, 2025. This date predates the legal restrictions currently in place. The company contends that Netflix “misled its millions of customers into believing this individual was able to successfully trade sport event contracts in Nevada on July 19, 2026.”
Kalshi representatives claim they alerted a Netflix employee to these discrepancies. The employee reportedly agreed to remove the disputed receipt from the final film. Despite this agreement, the company says Netflix refused to take the image out of the circulating trailer on the streaming platform’s homepage. In its cease-and-desist letter, Kalshi said the bet shown on the phone is actually a screenshot of a bet made on May 16, 2025 — long before the ban. The company also emphasized that it recently spoke to the Netflix employee, who “agreed not to feature the receipt in the documentary when it is released” on Sunday, July 26.
Netflix does not dispute the specific date of the screenshot. A spokesperson for the streamer told The Hollywood Reporter that the footage was filmed at the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026. They maintain that none of the documentary footage was fabricated, noting that the featured trader simply showed a screenshot from May 2025. The spokesperson also clarified that all specific trades mentioned during the event were personal transactions between the individual and their app. The featured trader with the trade on Spain showed us a screenshot of his bet, that was made in May 2025 prior to any Nevada court order. Any specific trades or bets referenced during that weekend are between the individual and the app in which they placed the trades.
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Legal Action and Future Plans
The documentary is part of Netflix’s “Instadoc” series, which produces fast-turnaround feature films. The trailer has been available on the Netflix app for millions of subscribers. Kalshi’s letter demands the removal of the video by Friday.
Legal conflicts between prediction market platforms and regulators have become increasingly common. This situation mirrors past disputes where financial firms accused media outlets of presenting misleading narratives regarding compliance status. The trailer, however, focuses on a recent party in Las Vegas, where men who have “made millions of dollars on prediction markets, probably eight figures, just over the course of the World Cup” have gathered to watch the World Cup final. One of the guests declares, “I like betting on Kalshi,” while another shows off an apparent $5,000 bet on their phone.
Despite Kalshi demonstrating to the Netflix employee that the claims in the video were demonstrably false, Netflix inexplicably refused to remove the receipt from the trailer currently circulating on the homepage of the Netflix app. The outcome of this specific battle could set a precedent for how financial technology companies handle media portrayals of regulatory challenges.
The film is scheduled for release on Sunday, July 26.
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