Kalshi, a prediction markets platform, has issued a cease-and-desist letter to Netflix regarding a trailer for the upcoming documentary “Instadocs: The Prediction Market Games.” The company alleges that the trailer contains defamatory content by falsely depicting users trading on Kalshi in Nevada in violation of a court order.
The disputed trailer includes a scene filmed in Nevada during which an individual references a Kalshi transaction receipt and describes placing a $5,000 wager on Spain to win the 2026 FIFA World Cup. Kalshi is currently operating under a court injunction that prohibits it from offering event-based contracts allowing Nevada residents to place sports-related bets. The company contends that the trailer’s portrayal implies this trading activity occurred recently, suggesting a violation of the legal restriction.
Kalshi identified several details it argues demonstrate the receipt shown in the trailer is not authentic. The image displayed on a mobile phone is dated May 16, 2025, which predates the filming of the documentary scene. Additionally, the phone screen displays the word “crop,” suggesting the user was viewing a saved image rather than conducting a live transaction within the Kalshi application. The company stated that these false portrayals jeopardize its legal standing in ongoing litigation with state regulators and could expose it to court sanctions.
According to Kalshi’s letter, a Netflix employee responsible for editing the trailer was alerted to these alleged inaccuracies prior to release. The employee reportedly acknowledged not realizing the receipt’s earlier date and that it appeared to be a cropped screenshot. Kalshi claims the employee agreed to remove it from the finished documentary but declined to remove it from the trailer despite warnings about potential legal complications. The company subsequently learned that a CNN reporter had contacted it seeking clarification about the depicted trades.
Netflix responded by stating that no footage in the documentary was fabricated. A Netflix spokesperson indicated that the footage was filmed during a watch party event in Las Vegas on July 17, 2026, and that the trader voluntarily showed a screenshot of a bet placed in May 2025, prior to any Nevada court order. Netflix characterized any specific trades mentioned as transactions between individuals and their respective applications.
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