The Tunica-Biloxi Tribe of Louisiana has entered a partnership with prediction market operator KalshiEX LLC to create a new venture called SaltTrade Derivatives. This app will leverage Kalshi’s infrastructure for prediction market trading. The tribe aims to position itself and other tribal nations as innovators within the financial market, emphasizing the need for tribes to be owners and leaders rather than just participants.
Tunica-Biloxi Chairman Marshall Pierite addressed potential criticism from other tribal governments, particularly those with significant gaming revenues. He suggested that tribes without major gaming operations might find value in prediction markets as additional revenue sources.
Kalshi CEO Tarek Mansour echoed this sentiment, advocating for more avenues for economic self-determination for tribal nations. The announcement, however, sparked backlash from tribal gaming organizations, particularly after the Ninth Circuit designated Kalshi’s sports-event contracts as Class III gaming under the Indian Gaming Regulatory Act. The California Nations Indian Gaming Association criticized the Tunica-Biloxi Tribe for aligning with Kalshi.
The Commodity Futures Trading Commission recently issued a no-action letter that allows entities like Kalshi to operate without registering as brokers, raising further concerns among tribal gaming groups. IGA Chairman David Bean argued this undermines existing tribal-state compacts and called for engagement with tribal nations to respect their sovereignty.
