Odd Lots Tarek Mansour on Kalshi's Plan to Create Markets in Everything
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Oct 1, 2025 Tarek Mansour, co-founder and CEO of Kalshi, dives into the booming world of prediction markets, discussing the crucial regulatory changes that have spurred growth. He shares insights on Kalshi's strategy to navigate legal challenges, particularly lessons learned from the Intrade case. Tarek highlights how sports markets drive liquidity and how Kalshi differentiates itself from traditional sportsbooks. He also explores potential future markets and the importance of market makers in creating transparent pricing, envisioning a platform where users could trade almost everything.
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Prediction Markets' Big Potential
- Tarek Mansour argues prediction markets can be the largest and most important financial markets because many people care about future events.
- He says regulatory illegality historically suppressed their growth until legalization efforts changed the landscape.
Intrade Shutdown Shaped Kalshi's Strategy
- Mansour recounts Intrade's offshore shutdown and John Delaney's fate as an example of regulatory risk.
- He says Kalshi focused years on legalizing prediction markets to avoid the same fate.
Lawsuit Was The Turning Point
- Mansour views Kalshi's lawsuit over election markets as the turning point that legitimized regulated prediction markets.
- He credits legal victories with enabling mainstream growth and institutional participation.