Kalshi, a prediction-market startup, has terminated its affiliate relationships after graphic antisemitic posts circulated on social media, including a deeply offensive image that superimposed NBA Commissioner Adam Silver’s face onto Adolf Hitler’s body. The posts, which were amplified by various meme accounts affiliated with Kalshi, ignited a significant backlash and raised concerns about the company’s oversight of its affiliate program.
The offensive content emerged on X, where multiple accounts bearing Kalshi affiliate badges shared or promoted the material. Alongside the disturbing image of Silver, who is Jewish, an AI-generated video of Hitler was also disseminated by an NFL meme account participating in Kalshi’s affiliate initiative. The individual behind the comparison reportedly expressed frustration over the NBA schedule, which required the Oklahoma City Thunder to face the San Antonio Spurs three times within a 12-day period, all of which resulted in losses for the Thunder.
In response to the outrage, Kalshi moved swiftly to dissociate itself from the accounts involved. The company revoked their affiliate badges and condemned the posts. A spokesperson for Kalshi stated, “We prohibit any content that promotes hate speech, and we immediately revoked these badges for breaking our rules.” This statement was reported by Front Office Sports. Kalshi clarified that the affiliate badges were intended to reflect “brand affinity” rather than formal representation, emphasizing that those involved were not official representatives of the company.
Despite these efforts, the incident exposed vulnerabilities in Kalshi’s rapidly expanding affiliate program, which relies heavily on social media to drive traffic to its prediction markets. Kalshi allows users to bet on the outcomes of various real-world events, including elections and sports, and has embraced online betting culture to facilitate growth. The affiliate badge system was designed to signal informal partnerships with popular accounts. Critics argue that this blurs the line between independent creators and paid promoters.
The antisemitic posts have sparked debate about Kalshi’s lax oversight, which some believe enabled inflammatory material to circulate under its banner, albeit indirectly. This incident is not the first controversy involving Kalshi affiliates. In the past, some affiliates were accused of spreading fabricated sports news and falsely claiming journalistic credentials to enhance engagement. In another instance, the company cut ties with an affiliate that publicly endorsed a xenophobic remark. These incidents have raised alarms about the potential for viral misinformation incentivized by affiliate perks to distort public perceptions and impact the markets Kalshi hosts.
Kalshi also operates a referral program for everyday users, alongside its broader affiliate initiative aimed at online creators. The referral program rewards existing users and new signups with small bonuses once trading thresholds are met. Conversely, the affiliate program focuses on maximizing reach, allowing accounts with badges to promote Kalshi-related content to their substantial followings.
In addition to these challenges, Kalshi faces a class-action lawsuit alleging it operates as an illegal and unlicensed sportsbook. Plaintiffs claim that users are often betting against market makers linked to Kalshi rather than against one another. The company has denied these allegations. Furthermore, the National Collegiate Athletic Association (NCAA) has criticized Kalshi over proposed markets related to college athlete transfer decisions, prompting the company to announce that it has “no immediate plans” to introduce such contracts.
Kalshi’s rapid growth has attracted attention, but its recent controversies highlight the need for robust oversight within its affiliate program. As the company navigates these challenges, maintaining its reputation will be essential for its continued success in the competitive prediction-market landscape.
