Slate Daily Feed Hang Up | Everything Is Sports Betting
Oct 6, 2025
Nitish Pahwa, a Slate staff writer specializing in prediction markets and sports betting, dives into the intricate world of legal gambling. He discusses how platforms like Kalshi and Polymarket operate under tight regulations and their competing dynamics with traditional sportsbooks. The conversation also touches on the implications of betting predictions on politics and crises, and the future of gambling amidst changing public attitudes. Additionally, the hosts talk about Bill Belichick's rocky start at UNC and the ongoing conflict between WNBA players and commissioner Cathy Engelbert.
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Prediction Markets Exploit A Federal Gap
- Prediction markets like Kalshi and Polymarket operate under CFTC rules and bypass many state gambling bans.
- That federal regulatory gap lets them offer event contracts nationwide, including on sports and elections.
Operator Arguments Mask Gambling Reality
- Kalshi and Polymarket claim they're peer-driven markets, not traditional sportsbooks, to avoid state gambling rules.
- That distinction, enabled by a permissive CFTC, underpins their nationwide expansion despite pushback.
VC Money Fuels Ads, Not Yet Market Dominance
- Prediction-market firms have VC backing and can advertise, but they haven't matched sportsbook saturation yet.
- They may scale marketing if they find reliable revenue models like transaction fees.
