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The committee also heard from Brianne Doura-Schawohl, a nationally recognised problem gambling expert. One study cited by Doura-Schawohl found that 52% of Gen Z respondents include sports betting and prediction markets as part of their long-term financial plan.
She also criticised a Kalshi competitor for offering a function that allows minors over 17 to link an investment account with the ability to buy and sell event contracts. A former legislative director for the National Council on Problem Gambling, Doura-Schawohl described the opportunity as “very dangerous” for teenagers susceptible to harm.
Beyond Texas, Kalshi made history on Friday when it became the first prediction market to sign a partnership with a federally recognised sovereign nation.
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Kalshi has imposed strict protocols for customer sign-up, which includes proof of US residency, along with a US tax identification number. The operator also requires traders to complete a robust know-your-customer check before trading on its site.
Per a nine-page member agreement issued by Kalshi in June, users are required to acknowledge that they are prohibited from trading on event contracts if domiciled in roughly three dozen countries. Australia, by way of the ASIC ban, received inclusion on the list. Under the agreement, Kalshi reserves the right to deny users access to its platform in the restricted jurisdictions.
In a statement released in August, ASIC Commissioner Alan Kirkland wrote that users who opt to engage with overseas operators may miss out on “protections” afforded to them on Australian soil. Another regulator, the Australian Communications and Media Authority, banned Polymarket from operating nationwide in 2025. According to the agency, Polymarket violated the Interactive Gaming Act of 2001 by accepting in-play betting on sports events.
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“The bottleneck becomes the person reviewing everything. That does not mean we never review the code itself. For sensitive or critical parts of the system, we still look more closely at the implementation, particularly from an architecture, performance, security and reliability perspective. But we no longer apply that level of manual code review to everything.” Grenstad says.
The shift to AI is also changing how Grenstad thinks about recruitment. A team working on the player journey, for example, needs people who understand casinos, iGaming and what a strong player experience should look like.
“I would not necessarily prioritise senior Java or front-end specialists in the same way as before,” Grenstad explains. “Technical skills remain important, particularly for people who can assess architecture and ensure systems remain reliable, but domain knowledge is becoming increasingly valuable. I’d rather take someone who’s good in the domain but doesn’t know any Java.”
