A crack is forming in Indian country’s united front against prediction markets. On Tuesday, four tribes from California and Oklahoma launched prediction apps in partnership with Kalshi, one of the industry’s leading event contract platforms. The partnerships underscore a divide between tribes that see prediction markets as a new source of income, and those that view them as a threat to the revenue they generate from traditional casinos.
Alabama-Quassarte Tribal Town in Oklahoma launched PokkeTrades, while three California tribes launched their own apps: Kletsel Dehe Wintun Nation introduced Sovereign Edge through its economic arm, KEDA; Greenville Rancheria launched Greenville; and Alturas Indian Rancheria launched AIR Markets, according to a press release Kalshi shared with Fortune.
“These markets offer tribes a chance to participate in an emerging industry, especially those whose geography has limited revenue generation,” said Michael Stopp, vice president for economic development of the Alabama-Quassarte Tribal Town, in the release.
The announcements came less than a month after the Tunica-Biloxi Tribe of Louisiana introduced SaltTrade Derivatives, the first prediction market app launched by a Native American tribe.
Each tribe owns its app and controls its brand. It also handles marketing and works directly with customers. Kalshi runs the trading behind the scenes, matching buyers and sellers and processing their trades. It also holds funds and monitors trading activity. All four apps connect to Kalshi’s national exchange, giving customers access to the same pool of buyers and sellers.
The partnerships also mark a sharp departure from what had been a uniformly adversarial relationship between Native American tribes and prediction platforms. For decades, casino gaming has served as the primary economic engine for tribal self-governance, generating over $46 billion in revenue in 2025 alone, according to the National Indian Gaming Commission. Prediction markets are competing for the same customers. Platforms such as Kalshi and Polymarket—both of which have valuations that exceed $20 billion—let users trade contracts tied to sports and other events with a few taps on their phones.
The rise of prediction markets has unleashed a flurry of lawsuits from Native American tribes across the United States. Kalshi faces lawsuits from tribes including Blue Lake Rancheria in California, the Ho-Chunk Nation in Wisconsin, and the Mescalero Apache Tribe in New Mexico, which allege its sports contracts violate tribal gaming rights.
The latest four tribes to partner with Kalshi see these apps as a way to earn money without needing to build a gaming facility. The wealth built from tribal gaming remains heavily concentrated. Just 9% of operations bring in 56% of all industry revenue, while more than half of all venues share less than 5%, per a National Indian Gaming Commission report.
“The digital commodities marketplace gives us an opportunity to build beyond those limits,” said Eric Wright, CEO of KEDA. “Economic self-determination means having the authority to evaluate emerging opportunities and decide for ourselves what serves the long-term interests of our Nation.”
