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The vast number of regulated sportsbooks not named DraftKings, FanDuel or BetMGM could only dream of taking in nearly $18 million on an NBA playoffs series.
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That's exactly the number prediction market Kalshi was reporting Friday night.
Kalshi began taking sports bets early this year and insists it can do so in all 50 states under the.approval of the Commodity Futures Trading Commission (CFTC). And the best part of all, they are not subject to any state operating taxes or licensing fees.
A handful of states aren't taking this well. New Jersey and Nevada are among those that have sent out cease and desist letters to Kalshi. That prediction market answered by filing lawsuits.
Kalshi sued the Nevada Gaming Control Board and the Nevada Gaming Commission, claiming their attempts to regulate the company's sports event contracts are unconstitutional.
The amount of money coming in at Kalshi is staggering.
Consider that Bally Bet took in a mere $3,757,677.68 on all wagers, including futures, during the month of February in Massachusetts, and you quickly get the picture. Note that February featured the year's biggest wagering event in the US, the Super Bowl.
One of the less competitive series - Memphis Grizzlies vs. Oklahoma Thunder - has thus far drawn in over $13 million in volume with an elimination possible likely on Saturday.
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