Kalshi's NFL Betting Launch Hits $300M in Bets for Week 1

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Transcript

00:00let's talk to you about cal she because the predictive market i don't think this should

00:04surprise anybody but with the nfl back it has really taken off yeah cal she saw 300 million

00:10dollars in volume over the first weekend of college football and nfl which again is the

00:16first time it's been available at the start of a football season this was the sports this was

00:21this prediction market which had made its business on the election allowing people to bet on the

00:27weather allowing people to bet on kind of unconventional things uh and then last year

00:31started taking uh basically bets on sports uh under this mechanism that has allowed them to be live

00:38and legal technically in 50 states so this is the first time ever that you've had at the start of a

00:44football season states like california and texas people having access to this legal betting app you

00:50know they have a partnership with robin hood so it's widely available and you saw just a ton of volume it

00:55was the third largest day in cal she's history and it was the biggest since the 2024 presidential

01:00election so that should tell you how much just one weekend of football um can garner interest even when

01:07you have a lot of legal options out there like draft kings and fan duel you know this is an option

01:10that's available in states where those are not so ahead of football season they re-changed their

01:16entire interface to you know have american odds to have kind of the six box thing where you have

01:21the over-unders for a game the money line and the spread on each one so basically they're trying to

01:26make it look and feel like a sports book however they are not telling regulators that it is a sports

01:33book you have four states suing them saying hey this is illegal sports betting sports betting was left

01:37up to the states you should need to get a license you need to be vetted through us cal she meanwhile is

01:42arguing that no we are federal federally regulated under a cftc as a derivatives exchange so you have this

01:51kind of whole legal background process has been very murky and we're waiting on a lot of different

01:55things uh to happen things to get declared but in the meantime you know they're doing a tremendous

02:00business on football in general and it's led to other companies that we've talked about before

02:05fanduel and draft kings underdog uh exploring similar partnerships uh they might see it you know as a way to

02:12be live in these other states where sports betting hasn't existed and you know basically until somebody

02:16tells you you can't do it they're going to keep doing it

02:18you