4 ms·

There’s no “house” or “book” aspect to Kalshi. They are nothing more than contracts that are bought and sold between individuals.

by nojito 5mo ago

SoftTalker 5mo ago
How do they make money?
- nojito 5mo ago
  Just like other exchanges. They charge trading fees.
  - hilariously 5mo ago
    What about the special partners that put up bets that are basically just methods to launder the fact that there's a house?
  - dymk 5mo ago
    They also place their own bets within their own market. They don't just make money on trading fees.
    - loeg 5mo ago
      Kalshi does not trade against its users.
      - dymk 5mo ago
        That's their PR department talking. https://straighttothepoint.substack.com/p/you-cant-have-it-both-ways https://straighttothepoint.substack.com/p/you-cant-have-it-b... https://www.sportico.com/business/sports-betting/2025/kalshi-trading-exchange-peer-house-1234870465/ https://www.sportico.com/business/sports-betting/2025/kalshi...
      - tantalor 5mo ago
        Kalshi definitely does this They just don't make any money off it.
    - nojito 5mo ago
      A different entity provides liquidity. There’s no house like in sportsbooks.
      - jeltz 5mo ago
        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.
        nojito 5mo ago
        Not in the US.
        tsimionescu 5mo ago
        Is there any state that allows organized poker tournaments, but not gambling or sports betting?
    - usefulcat 5mo ago
      Sounds like a glaringly obvious conflict of interest?
      - CyberDildonics 5mo ago
        Of course it is, people will do whatever they can get away with.
      - msandford 5mo ago
        Be careful, the market makers always win. If you go against them, you make yourself a target.
tshaddox 5mo ago
Lots of types of contracts bought and sold between individuals are prohibited by law.
- tantalor 5mo ago
  They problem is the federal government considers these particular contracts are generally legal, and the states have no authority.
jeltz 5mo ago
Have you heard of Betfair? A UK company which has done "prediction markets" since 2000. In the Europe it is called a betting exchange and regulated like sports betting. And betting pools is another form of betting which is way older than that and there are no house in them either. And by your argument poker or backgammon would not be gambling either.
- nojito 5mo ago
  >And by your argument poker or backgammon would not be gambling either. They aren't. A sportsbook explicitly sets lines and you are betting that the line they set is incorrect.

There’s no “house” or “book” aspect to Kalshi. They are nothing more than contracts that are bought and sold between individuals.

by nojito 5mo ago

There’s no “house” or “book” aspect to Kalshi. They are nothing more than contracts that are bought and sold between individuals.

SoftTalker 5mo ago

How do they make money?

nojito 5mo ago
Just like other exchanges. They charge trading fees.
- hilariously 5mo ago
  What about the special partners that put up bets that are basically just methods to launder the fact that there's a house?
- dymk 5mo ago
  They also place their own bets within their own market. They don't just make money on trading fees.
  - loeg 5mo ago
    Kalshi does not trade against its users.
    - dymk 5mo ago
      That's their PR department talking. https://straighttothepoint.substack.com/p/you-cant-have-it-both-ways https://straighttothepoint.substack.com/p/you-cant-have-it-b... https://www.sportico.com/business/sports-betting/2025/kalshi-trading-exchange-peer-house-1234870465/ https://www.sportico.com/business/sports-betting/2025/kalshi...
    - tantalor 5mo ago
      Kalshi definitely does this They just don't make any money off it.
  - nojito 5mo ago
    A different entity provides liquidity. There’s no house like in sportsbooks.
    - jeltz 5mo ago
      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.
      - nojito 5mo ago
        Not in the US.
        tsimionescu 5mo ago
        Is there any state that allows organized poker tournaments, but not gambling or sports betting?
  - usefulcat 5mo ago
    Sounds like a glaringly obvious conflict of interest?
    - CyberDildonics 5mo ago
      Of course it is, people will do whatever they can get away with.
    - msandford 5mo ago
      Be careful, the market makers always win. If you go against them, you make yourself a target.

tshaddox 5mo ago

Lots of types of contracts bought and sold between individuals are prohibited by law.

tantalor 5mo ago
They problem is the federal government considers these particular contracts are generally legal, and the states have no authority.

jeltz 5mo ago

Have you heard of Betfair? A UK company which has done "prediction markets" since 2000. In the Europe it is called a betting exchange and regulated like sports betting. And betting pools is another form of betting which is way older than that and there are no house in them either. And by your argument poker or backgammon would not be gambling either.

nojito 5mo ago
>And by your argument poker or backgammon would not be gambling either. They aren't. A sportsbook explicitly sets lines and you are betting that the line they set is incorrect.