What is the real reason that they don't wanna be regulated like casinos then?

Well, um, if they were to be regulated like real casinos, uh, which that is by the states, um, they would need to adhere to every state's law.

They would need to pay taxes.

They would need to, uh, give money to anti-addiction, uh, organizations, to education.

Um, and frankly, they wouldn't have a business because for one, Kalshi, especially in the US, um, the vast majority of its, uh, trading volume is sports.

So if you take out the sports, they would still be a, a business, but it would be much smaller.

Um, but more importantly or, or equally important is that they rely on having, uh, large pools of liquidity to make these markets function, and if they had to, instead of having one big pool on who's gonna win the presidency, instead if they had to have 50 smaller pools in one for each state, one adhering to state laws, they wouldn't be nearly as efficient or useful.

Could this eventually get translated into this stuff being banned again? Essentially, this type of betting or these types of platforms almost having their cigarettes moment.

Talking about that

Super Bowl team, Chris Bean.

So the starting lineup that year was Oshon Robinson, Greg Gaines, Aaron Donald, and Leonard Floyd was the front four with Von Miller.

And then Ernest Jones was the middle linebacker.

They had Jalen Ramsey also at corner on that team.

Okay.

And then Eric Waddle and David Long were the— Eric Guero, they brought

him

And just as we think about the State of the Union, how has the idea of regulating this changed in the years?

So currently, the, the status quo is that prediction markets are regulated by the CFTC, and the reason is that, uh, they, uh, uh, technically, um, offer what are called event contracts, and event contracts are derivatives.

And so the CFTC argues that falls under their purview.

Now, there's a lot of people who disagree with the CFTC, um, state gambling regulators, uh, a lot of casinos and, and other, um, members of the gambling industry-

How have the companies themselves, Kalshi and Polymarket, navigated what has been them thrust into really now success, but also backlash at the same time, and worries about insider trading in this?

Yeah.

Uh, the companies have taken different approaches.

Um, Kalshi has really tried to position itself as the adult in the room.