00:00Polymarket U.S. potentially could become the second federally regulated operator to offer sports predictions, election predictions across all 50 states as soon as next week.
00:12So what's on the horizon here?
00:14Yeah, Kalshi's biggest competitor has always been Polymarket, more globally, because Polymarket hasn't been able to operate in the U.S.
00:21These are two platforms under these event contract prediction market spaces.
00:25Before they started doing sports last year, it was mainly around the election, economic events, weather, etc.
00:31Now that sports is a huge booming business for prediction markets in the U.S., Polymarket's made a move to enter the U.S.
00:38As you said, seemingly as soon as next week, they self-certified with the CFTC this week to start offering money lines, spreads, and totals on NFL games.
00:47So basically another sports betting product.
00:49That kind of joins them on the sports space with their biggest competitor, Kalshi, which does already have a leg up now that it's, you know, is the first to do it, offering parlays and other products.
01:00But I think what this will do mostly is kind of ramp up the pressure within the prediction market competition themselves rather than a Kalshi versus a DraftKings.
01:08It's going to, you know, be positioned more for a Kalshi.
01:12Now we have to compete against another company that can offer these prediction markets in California, in Texas, in these huge untapped sports betting markets where sports books are just not going in right now.
01:23They've, you know, FanDuel and DraftKings have made moves to eventually maybe offer sports prediction markets in those spaces, but they have not gone through with them yet.
01:31They're kind of waiting for legal clarity, and while we wait for legal clarity, more entrants that are able to come compete and offer in those states, I think Kalshi is going to be, it's not a great sign for Kalshi,
01:42but I imagine it'll just ramp up kind of the competition more and more and just add to the crazy chaos we have in this space right now.
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