Kalshi caused a lot of controversy in the lead-up to November’s US presidential election for allowing users to trade contracts on the outcome. Attempts by the Commodity Futures Trading Commission (CFTC) to block these products were ultimately unsuccessful.
Now Kalshi is entering the world of sports after it released contracts on Thursday to will allow people to predict who they think will win events like the Super Bowl, March Madness, and the Stanley Cup.
the holders of a contract getting a $1 payout if the outcome is successful
People buy and sell contracts for sporting events for between $0.01 and $0.99, with the holders of a contract getting a $1 payout if the outcome is successful. For example, if you have 15 “yes” contracts on the Kansas City Chiefs to win the Super Bowl, you will receive $15 if they take home the trophy next month.
People in all 50 US states can trade these contracts, even in jurisdictions where sports betting is not legal.