"Kalshi is a prediction market that aims to let users bet on everything."
"The weird thing: almost all revenue comes from sports and the company never talks about it in interviews."
"For Financial Times, Sam Learner reports on how Kalshi looks a lot like gambling, which is illegal in most states and carries stricter regulations and fees."
"So the CEO tends to focus on Taylor Swift decisions."
Kalshi operates a prediction market that aims to let users bet on a wide range of events. Almost all company revenue comes from sports betting markets, yet the company rarely mentions that income source in interviews. The platform's mechanics and revenue concentration closely resemble traditional gambling, which remains illegal in many US states and triggers stricter regulation and higher fees. Those legal similarities create exposure to state-level prohibitions, regulatory action, and additional costs. The CEO emphasizes high-profile pop-culture event markets such as Taylor Swift decisions rather than drawing attention to sports-derived revenue.
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