Kalshi is pumping $1 million toward a public health program for NYCHA residents, even as the prediction market platform faces a lawsuit from New York over allegations that it is operating an illegal gambling business in the state.
Kalshi, the Public Housing Community Fund and Rep. Ritchie Torres announced Thursday, Nov. 5, a four-year, $1 million investment to establish the Kalshi Public Housing Health Fund, which will support up to 35 volunteers in NYCHA’s Health Corps.
The funding will go towards the Health Corps’s cohort, providing living allowances and support to 35 public housing residents as they volunteer and share resources on public health, family wellbeing, and chronic disease prevention.
Health Corps members are placed at NYCHA campuses, the city’s Health Department, NYC Health + Hospitals and other nonprofit and agencies. The program also provides training and professional development aimed at helping members pursue careers in public health.
“Kalshi’s designed to empower people to predict, navigate, and manage the uncertainties of their world. And while I’m a passionate believer that markets can predict everything better, I don’t believe they can solve every problem,” said Kalshi CEO Tarek Mansour.
“New York City can be the financial capital of the world and be a place where we protect our most vulnerable. We see this as an investment in a safer, healthier, and more resilient future for New Yorkers.”
The investment comes as Kalshi, a prediction market platform that allows users to bet on whether events will happen, such as political events and election outcomes, faces a legal battle with New York over whether its prediction markets violate state gambling laws.
New York Attorney General Letitia James and Gov. Kathy Hochul sued Kalshi in July, claiming that the company is operating an illegal, unlicensed gambling business through its prediction market platform, without a license from the New York State Gaming Commission.
Torres, who has embraced the cryptocurrency and blockchain industries in Congress, introduced legislation in January to bar federal elected officials and congressional staff from insider trading on political prediction markets.
“The NYCHA Health Corps builds on this network of care, by training residents to become health workers in their own communities. The Bronx has long ranked worst in health outcomes in New York State, and investing in community-led care is an innovative way to improve wellbeing in our borough,” said Torres.
“This new $1 million in funding will allow the Health Corps to continue to grow and provide even more families with top-notch care.”
The investment is the latest charitable effort from Kalshi in New York. The company previously announced a $3 million partnership with Housing Works to support the nonprofit’s clinic in East Harlem.
Reach Marina Samuel at msamuel@schnepsmedia.com. For more coverage, subscribe to our newsletter and follow us on Twitter, Facebook and Instagram!
