Prediction market Kalshi sent Netflix a cease-and-desist letter on Friday demanding that the streaming service take down the trailer for an upcoming documentary. In the letter, Kalshi claimed the trailer is “defamatory” and contains “both fabricated documents and false and misleading statements.”
“Instadocs: The Prediction Games” is a documentary about the rise of prediction markets. According to Netflix, the film — part of the streamer’s “Instadoc” series of fast-turnaround documentaries — features interviews with both Polymarket CEO Shayne Coplan and Kalshi CEO Tarek Mansour.
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.
However, Kalshi is currently banned from operating in Nevada due to a court order. 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. But the company argued that in the trailer, Netflix “misled its millions of customers into believing this individual was able to successfully trade sport event contracts in Nevada on July 19, 2026.”
In its letter, Kalshi also said that it recently spoke to a Netflix employee who “agreed not to feature the receipt in the documentary when it is released” on Sunday, July 26.
“However — despite Kalshi demonstrating to this 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 company said.
Netflix doesn’t dispute that the screenshot is of a bet from 2025, but a spokesperson told The Hollywood Reporter that none of the documentary footage was fabricated.
“The footage was filmed at the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026,” the spokesperson said. “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.”
