Kashi's popularity looks set to reach new heights, with the predictor market adding sports betting to its portfolio. The development comes a few days after the company announced Donald Trump Jr. as an advisor. It also means that users across all 50 states will be able to bet on the upcoming Super Bowl starting in less than two weeks.
Tarek Mansour and Launa Lopes Lara launched the predictor market in 2018 so that customers can bet on hot events like politics, cryptos, and award shows. It hit new fame recently for letting people bet on the US presidential election.
Apparently, the executives have decided to ride the wave, adding sports betting to the mix. The expansion strategically coincides with the soon-to-start NFL playoffs and Super Bowl.
Mansour announced the news on X. “Today, on the heels of our explosive growth, Kalshi takes its next big step: Sports.”
Kalshi will be the first online sports betting platform to provide services in all 50 states because of its nature of operation. While most operators like FanDuel generate their revenues from lost wagers, Kalshi only takes a cut of users' bets and allows them to trade directly with themselves. This betting style allows them to operate in states where traditional sports betting remains restricted.
The predictor market has filed with the Commodity Futures Trading Commission and notified the regulator of its betting contracts on American sports championship winners. It currently covers bets on basketball, football, and hockey.
Many believe that Kalshi’s sports betting expansion may have much to do with Donald Trump Jr. becoming its advisor. Mansour spoke about the new man coming to CNBC on Squawk Box.
“Don has always been at the forefront of these types of spaces and new technologies. He’s always been in tune with what the American people feel and want.”
However, Mansour emphasizes that there is no political undertone to the president's son joining the company. “Kalshi is not a political company in any way, shape, or form.”