Are Prediction Markets Just Gambling? Kalshi CEO Responds

Kalshi's CEO argues federal CFTC regulation, not state gambling law, should govern prediction markets, and expects the model to prevail within five years.

• Not a sportsbook: Mansour argues Kalshi matches peer-to-peer traders like the NYSE rather than booking bets against customers, taking a 0.7% fee instead of betting against them.
• Historical precedent: He likens current state lawsuits to 1880s-1900s battles over grain futures, citing an 1888 Illinois Supreme Court opinion that called futures trading a 'national sin' before the Commodities Exchange Act of 1974 preempted state gambling laws.

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