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Trailer Sparks Legal Threat
Kalshi sent Netflix a cease-and-desist letter demanding the streaming service take down the trailer for “Instadocs: The Prediction Games,” after footage appeared to show a Kalshi trade on the World Cup being made in Nevada despite a court order barring Kalshi from offering sports-event contracts in the state.
“Trailer Sparks Legal Dispute Over Nevada Ban According to the report, Kalshi’s letter also said a Netflix employee had “agreed not to feature the receipt” in the film”
Kalshi said the image critics seized on—a “$5,000 bet on Spain to win the tournament”—was placed in 2025, before the court ruling, and Kalshi’s head of marketing Brandon Beckhardt asked, “Is anything in this documentary real?”
Netflix, meanwhile, said the trailer’s account was correct and that “Any specific trades or bets referenced during that weekend are between the individual and the app in which they placed the trades.”
The dispute is tied to a broader Nevada fight, with the Nevada Gaming Control Board saying it reached a deal with Kalshi to avoid holding it in contempt, including an agreement that Kalshi would implement “a robust, multi-source geofencing solution” by Aug. 12 or pay $120,000 per day until compliance.
Netflix, Kalshi Trade Claims
Kalshi accused Netflix of defamation in the cease-and-desist letter, saying the trailer contains “both fabricated documents and false and misleading statements,” and it demanded Netflix “immediately take down the trailer” for “Instadocs: The Prediction Market Games.”
In response, a Netflix spokesperson told The Hollywood Reporter that “none of the documentary footage was fabricated,” and Netflix said the footage was filmed at the Winible World Cup Watch Weekend in Las Vegas on July 17, 2026.
Kalshi argued the receipt shown on the phone was dated May 16, 2025 and that the phone screen showed the word “crop,” indicating a saved image rather than a live transaction, and Kalshi also said it had spoken to a Netflix employee who “agreed not to feature the receipt” in the documentary when it is released on Sunday, July 26.
CNN reporter Marshall Cohen questioned “where and when” the trades were made, and Kalshi told Cohen it wanted Netflix to take down the trailer because it’s “misleading,” while Netflix said the screenshot shown in the trailer was a trade made in May 2025 prior to any Nevada court order.
What’s at Risk Next
Beyond the trailer, Kalshi’s legal and regulatory exposure in Nevada is framed in the sources as a live compliance deadline, with the Nevada Gaming Control Board deal requiring Kalshi to implement geofencing by Aug. 12 or face $120,000 per day penalties.
Kalshi’s threat to Netflix is also described as tied to its “legal standing in litigation that is highly material to Kalshi’s business,” and the cease-and-desist letter said the trailer “features both fabricated documents and false and misleading statements portraying trades being made on Kalshi in violation of a court order.”
The TechCrunch report adds that Kalshi said Netflix “misled its millions of customers into believing this individual was able to successfully trade sport event contracts in Nevada on July 19, 2026,” while Netflix said the trader showed a screenshot of a bet made in May 2025 before any Nevada court order.
As the documentary was set to be available on Netflix on Sunday, July 26, the dispute left both sides pressing their version of events, with Netflix saying it “upholds the highest standards of journalistic integrity in its documentary programming” and Kalshi insisting the preview was “built on fiction” and that “We expect better from Netflix.”
