Federal campaign finance records show Kalshi and its executives contributed at least $22,600 to Texas politicians, including Attorney General Ken Paxton, as the company battles states over its event-contract business. The donations surfaced in FEC filings reviewed by the Houston Chronicle. Kalshi is fighting legal challenges from multiple states over whether its prediction-market products constitute illegal gambling.

Kalshi is making political bets to protect its business model in hostile states. The donations signal a state-level lobbying strategy that other prediction-market platforms may need to replicate as attorneys general in conservative states test the boundaries of CFTC preemption.