
Interview with Tarek Mansour, CEO of Kalshi
A lot of people look at what you do and simply see another vehicle for sports gambling. What do you say?
If you define gambling to mean any speculation, then all financial markets are gambling. There’s speculation on all financial markets. Actually, most activity in most financial markets is speculation, right? And you really don’t get liquid, vibrant financial markets with real price discovery without speculation. If it’s just hedging by itself or capital allocation by itself, that doesn’t build a real marketplace. So that definition of gambling, where people are putting some money to make more money on something they don’t control — well, that encompasses everything.
The core differentiator with sports gambling is whether you are trading on an open, fair, liquid marketplace or in a closed forum system against the house that picks winners or losers. One of them you can win. It doesn’t mean you will win, but you have the opportunity to win. That’s how the law has been set historically. That’s why we have the Securities and Exchange Commission and the Commodity Futures Trading Commission.