BBB National Programs says it refers Kalshi Inc., a prediction-market platform, to state regulators after Kalshi declines to participate in an inquiry tied to influencer advertising disclosure practices. The watchdog says its review focuses on how sponsored content and endorsements are disclosed in connection with Kalshi promotions. According to the reporting, BBB’s decision follows Kalshi’s refusal to take part in the requested inquiry or provide the cooperation BBB sought regarding disclosure practices. The referral to regulators indicates BBB is escalating the matter beyond its internal advertising oversight process. While BBB National Programs does not itself set legal penalties, it can alert regulators that may have authority to investigate and take enforcement action under applicable state and other consumer-protection and advertising rules. The outlets agree on the core sequence of events: BBB initiates an advertising inquiry, Kalshi declines to participate, and BBB then refers the company to state regulatory authorities for potential review.