How Kalshi Made it Legal to Bet on this Election | First Time Founders with Ed Elson

[@internetshaquille]

Kalshi stinks and their influencer ad deals directly pay out a portion of their suckers’ losses

[@marcialabrahantes3369]

They have to use the funds somehow. Obviously marketing will get a cut of the losses

[@Rivers7777]

Its a market, losses get paid proportionally to those on the other side of the market. It operates differently than a sports bet line where there can be overflow for the sportsbook to collect.

[@internetshaquille]

It's probably not wise to expect random non-influencers to understand what I'm talking about. Just know there's shady shit going on behind the scenes.

[@Rivers7777]

@@internetshaquille If you have proof then prove it, but I think you have a fundamental misunderstanding of how the kalshi exchange works.

[@Peter-wp5vb]

@@internetshaquillehey, mind if you elaborate? I’m a bit concerned overall

[@IanJames56]

Great interview Ed, well done!

This was a very entertaining interview. I enjoyed it. It’s always good to see the face behind the hype and although it’s not really covered most of my wtf kind of moments it answered a lot of questions. Thanks Ed

[@the_river_acheron]

I think we've entered a space in which we blur the line between legal and illegal. That blurred line is now it's own territory and this company falls into that category for me. My Overton window will likely shift to see this company as perfectly fine within a few months.

[@HeyThisIsAndrew]

What up Scott! Just sent in an office hours voice note. Not sure if it will be read, but I genuinely want to say thank you for your videos. They have been helping me in all aspects of my life.

[@brett_oppenheim]

Great convo

[@LilyGrozeva]

I think Ed is rapidly morphing into the third Prof G offspring. The physical attributes + the way he says "Hundred. Percent." give me chills! 😂

[@tombesson7293]

When my father was alive, he enjoyed riding a bus to Reno or Tahoe to gamble. The bus was split about 50-50 between men and women, mostly older, retired people. Even though the sexes were relatively equal, the main thing that drew them together was that they all enjoyed gambling. The 10% of women who gamble on the betting platform share the same interest that 90% of men on the platform share, so I don't think you can compare the women who gamble to the population of women in general. As in most cases, the election will not end well for the gamblers. Having said that, I wish the gamblers well. It's their money.

[@pornstarpat]

SBF jr. Made a huge conclusion off of the 10% of women who are betting.

[@spincode8722]

I won 200 but how do I cash out?

Also - Ed you mentioned Goldman will be looking at Kalshi as a competitor but why not the CME? I thought the CME has been more active to create a single event market.

[@TCFE]

He needs to make it more user friendly like fan duel

[@jannichi6431]

What is Tarek's house take? Percentage? Is that regulated by each state with a cap the way Horse Racing Tracks are able to keep on purses, with of course paying taxes to the state? Is it similar to Casinos?

[@bootstrappedfriend1752]

2$ to withdraw your profit and send it to your bank. Per transaction. They pay 4 something percent interest on your balance. Per trade fee is in line with other brokers.

[@bootstrappedfriend1752]

Also, no transaction fees on the election. He says that in the video

[@VirginiaBronson]

That guy is a good salesman. That therefore makes me wary lol

[@lockeshop]

WELL THIS didn't age well! hahaaaa

[@ahopefiend1867]

It's gambling.

[@stevechance150]

Playing dice is gambling, because the outcome is completely random. Chess is not gambling because skill is involved. So which is poker, gambling or skill? At the annual World Series of Poker in Vegas, a different player wins each year, however in this tournament that starts with 10,000+ players, if you look at the final 50 players making it until the end, you see the same names year after year. Poker is a game of skill. So what do we see on Kalshi? I would point you to any of the Kalshi leaderboards. It's skill.

[@bootstrappedfriend1752]

It's gambling as much as futures trading are gambling.

[@georgepolski9771]

Tarek touched on this when he was talking about artificial risk vs actual risk. E.g. roulette is a game invented to gamble on (artificial risk) vs will Hurricane Milton hit Key West? Nobody invented hurricanes but there should be a market to help you hedge against losses from hurricanes. Yes there are a bunch of gamblers but the gamblers provide the liquidity for people that actually use this as a tool, not a game

[@raidtheairwaves42]

Sam Bankman-fried part 2?

[@neversimon]

considering tarek ran towards, not away from (lol), regulators, I doubt it.

[@YamiSohard]

I'm going to be very disappointed if I find out that Ed pulled Scott to the side and said "Look, we have to stop with these inappropriate jokes." 😁

[@NAGIUXS]

I put almost 10K on kamala wining. Im already 2k. Wondering if I should cash out on Tuesday before the election

[@Elcompalui712]

Ur cooked if u held

[@SilentRio]

I’m reasonably smart… I’ve worked on my EQ over time 51:50 haha Bless him! I am sure he is smart!!

[@williammann9816]

It can be hedging. If you think higher taxes will hit you if Kamala is elected then you can protect some of your losses from higher taxes by betting money on Kamala. If you believe taxes will be higher by 2% for tax changes in 2026 through 2028 and you have an income of $50,000 then betting $3000 or 2% for 3 years can protect you from $3000 loss although u still lose with some money when paying tax - capitalized gains on winnings.

[@MilePool1]

I wish politics weren't so closely tied to the economy, as i find it difficult not to develop subtle biases against scott due to his political views .

[@stevechance150]

So you're voting for The Tariff Genius? You don't think Across The Board Tariffs aren't going to tank the economy? Elections matter. Scott wants the boomers to stop F'ing over Gen Z. Are you "pro-boomer"?

[@1azyb0t]

I had a 🥣 of Kalshi this morning & now watching this video on the 🚽 😅

[@mdummy]

“No sampling bias” then proceeds to explain how women are 10% and most of them bet on Trump… what disingenuous salesman.

[@pornstarpat]

Ya seemed like a huge jump to conclusion. Tell SBF JR. to stick to running the site.

[@tombaker8445]

"Sick of the chaos" so they want to vote for a candidate who's been fully complicit with a man who has middle to advanced stages of dementia leading our country. Come on, Scott.

[@HKS-Digital]

Day 45: Please bring on Gary Stevenson (Garys Economics)! Thanks!

[@Meandbroafter2]

Scott makes video centered towards US economy Gary makes videos for UK Interestingly both economies have income inequality in common

[@HKS-Digital]

@@Meandbroafter2 But also considering that Scott lives in the UK and Ed grew up there, I feel it is a great fit for the podcast Gary mainly talks about macro trends, so his discussions ring true for many many first-world countries; US, Canada, Australia, New Zealand, Netherlands, Italy, Germany, and many more

[@MadelineRodriguez-ud5bb]

They never paid my money

[@bestpoker]

This is a total compliance nightmare. This dude hasn't figured out the regulations. He is either a casino or a broker/dealer under FINRA. You can't be both. Investors and or bettors need regulations to be protected. We are talking about money. Most people can barely afford to pay their bills.

[@brettricia1]

We have a Creepy Billionaire Problem - Don't be Naive

[@andrewhart6200]

Go vote! the boomers turned out in Roanoke VA and that likely means certain things just like the amount of males that are on Kalshi - Harris needs votes(likely a new record amount of voters too)!

[@caustinolino3687]

0:25 Bothering people at their homes like a vacuum salesman makes them more likely to vote? Going to call BS on that. The only people who will talk to them would have voted anyway.

[@nortonantho]

I can envision a person who bets on Trump as a hedge.

[@Astral_Dusk]

It's best to bet "safe" what you can afford to lose. But damn I wish I'd bet maybe just a little more on Trump lol. Still made out with a $1k profit, can't really complain

[@spiralizing]

Yikes... That interview was horrible

[@ahopefiend1867]

Uber driver is upset with all the immigrants entering the country that can do his job.

[@stevechance150]

If he's upset with those immigrants, he'll really going to be pissed when Elon puts self-driving Tesla robo-taxis in every major city.

[@tecala1]

bad for humanity just like lotteries

[@stevechance150]

While I agree with you that all lotteries are bad in general. I have visited my local casinos several times, for some fun. As an adult, in "the land of freedom and liberty, I'm legally allowed to spend my money on wagers. I consider it entertainment.

[@DannyJames-z7m]

It’s not trading lol, ur gambling. But good cover up to be legal

[@dannyjames-h9y]

this guy cant keep a story right trying to avoid a new court case, one moment its a portfolio investment, next min its a 50/50 coinflip bet, next its trading

[@deez994]

polymarket >

[@billkerr1883]

What a bunch of utter garbage by this founder. Build something useful FFS. Betting is a scourge on mankind.

[@Joey-fs7ro]

What a waste of time of a horrible episode of the podcast. WTF

[@AshleySaldanhaa]

Tarek is a legend. Kalshi has been grinding for years I'm glad they're in the limelight now