"Kalshi, founded in 2018, lets users bet on the outcome of events such as elections, sports matches, and economic indicators. Last week, it announced partnerships with media giants CNN and CNBC, and said that it raised $1 billion at a valuation of $11 billion. Polymarket, its blockchain-enabled competitor, was founded in 2020 and offers similar services. It was last valued at $13.5 billion in November, per PitchBook."
"He compared the companies to National Football League quarterbacks Tom Brady and Eli Manning. "When Tom Brady kind of reflected on that back in the day, he's like, 'You know, we were like the most ferocious on the field, and we fought each other,' Mansour said. "But then over time, he became grateful for that because he realized that without Manning being in there and vice versa, he would have never achieved what he achieved.""
Tarek Mansour described rivalry with Polymarket as a force that pushes Kalshi beyond perceived limits and compared the dynamic to Tom Brady and Eli Manning. Kalshi, founded in 2018, enables users to bet on outcomes including elections, sports, and economic indicators. The company announced partnerships with CNN and CNBC and raised $1 billion at an $11 billion valuation. Polymarket, founded in 2020 and blockchain-enabled, offers similar services and was valued at $13.5 billion in November. Prediction-market popularity increased after a US legal victory for Kalshi, expanding the range of bettable topics.
Read at Business Insider
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