CNN and CNBC promote gambling to make a cheap buck
Some newsrooms are making money from deals with prediction markets. It will only serve to further destroy the public's trust in news.
Link: How Kalshi infects the news, by Aaron Rupar and Judd Legum in Public Notice and Popular Information
Kalshi’s deals with newsrooms seem to be paying dividends for the company:
“Since December CNBC has published 58 articles that do little more than advertise the existence of a Kalshi market related to a news event. […] Since April, CNBC has employed a dedicated reporter to produce these articles. CNBC also maintains a page on its website featuring Kalshi prediction markets selected by CNBC editors, along with its web coverage. […] In at least 22 cases, CNBC has written about Kalshi and not disclosed its financial conflict.”
CNN doesn’t pay for access, and instead is paid to exclusively promote Kalshi. CNBC reporting carries a disclosure which states that its relationship goes further: “CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.” CNBC will gain financially if its coverage leads to more signups or a growth in Kalshi’s valuation. CNN’s is a simpler paid placement, but both deals are aggressive ways for Kalshi to compete with Polymarket, which has been making similar deals with newsrooms like Yahoo Finance.
This is even happening when markets are not significant enough to be newsworthy. As the New Yorker noted in December:
“When Enten lauded the benefits of analyzing betting odds, on air the other day, he failed to mention that only several hundred thousand dollars had been bet on that particular market. Kalshi’s odds provided good fodder for television, but, statistically speaking, they didn’t say much.”
It reminds me of the deals Twitter made with newsrooms relatively early in its life. Suddenly, almost out of nowhere, anchors read out tweets on the news, and shows promoted their official Twitter accounts over their websites. This didn’t happen organically: Twitter partnerships teams made deals behind the scenes to ensure their product was showcased well. It was one of the first times that a web startup impactfully executed on a media strategy, and startups have built on that pattern ever since.
Here, rather than serving a social network, money is changing hands for newsrooms to promote gambling markets — and in CNBC’s case, they will make more money if more people gamble. It’s obviously weirder, and the incentives here would pull at traditional newsroom ethics in an uncomfortable way even if adequate disclosures were published. This comes at an unfortunate time when trust in news is falling quickly, and newsrooms like CNN are increasingly seen as serving their owners rather than bastions of trustworthy reporting. These Kalshi deals are weird, and an obvious conflict of interest that will likely drive people to trust the news even less than they do today.
The Reuters Institute’s 2026 Digital News Report found that 70% of respondents think media owners and corporate parents exert undue influence on the news. As more of these sorts of deals are made, and as trust in news continues to decline, newsrooms are going to need to more overtly state that their coverage is free from this sort of sponsored content. Stronger, more transparent ethics statements, and louder conversations about how reporting decisions are made, will help some newsrooms to explain how they stand apart from these dynamics. In the meantime, CNN and CNBC are helping to drive trust in media into the gutter.
