Just like other exchanges.
They charge trading fees.
They also place their own bets within their own market. They don't just make money on trading fees.
Sounds like a glaringly obvious conflict of interest?
Be careful, the market makers always win. If you go against them, you make yourself a target.
Of course it is, people will do whatever they can get away with.
A different entity provides liquidity.
There’s no house like in sportsbooks.
And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.
Not in the US.
Is there any state that allows organized poker tournaments, but not gambling or sports betting?
Kalshi does not trade against its users.
That's their PR department talking.
https://straighttothepoint.substack.com/p/you-cant-have-it-b...
https://www.sportico.com/business/sports-betting/2025/kalshi...
Kalshi definitely does this
They just don't make any money off it.
What about the special partners that put up bets that are basically just methods to launder the fact that there's a house?
They also place their own bets within their own market. They don't just make money on trading fees.
Sounds like a glaringly obvious conflict of interest?
Be careful, the market makers always win. If you go against them, you make yourself a target.
Of course it is, people will do whatever they can get away with.
A different entity provides liquidity.
There’s no house like in sportsbooks.
And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.
Not in the US.
Is there any state that allows organized poker tournaments, but not gambling or sports betting?
Kalshi does not trade against its users.
That's their PR department talking.
https://straighttothepoint.substack.com/p/you-cant-have-it-b...
https://www.sportico.com/business/sports-betting/2025/kalshi...
Kalshi definitely does this
They just don't make any money off it.
What about the special partners that put up bets that are basically just methods to launder the fact that there's a house?