The Ledger
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Mansoor: Kalshi's federal regulation allows sports trading across all 50 states
“It's the first time that sports, like, trading on sports is actually legal in all 50 states. Because we are regulated by the, you know, by the feds, like, at the federal level, not state by state. And the federal regulation, like, the law actually supersedes s…”
Immerman: Kalshi is number one across users, revenue, and volume
“And today they're number one across users, revenue, volume, any metric that, that anyone would care about.”
Power: Kalshi's 18% odds on Trump reviving manufacturing are severely underpriced
“I think the answer is yes. I think the answer is yes. I would take that bet. I think they're selling, you know, dollars for 18 cents.”
Mansoor: Kalshi's board opposed suing the government over election markets
“Like, the board was like, this is a bad idea. And we did it.”
Mansoor: Kalshi operates a separate internal fund that trades on its exchange
“So we have a separate fund that trades on the exchange. They make money as well.”
Amoruso predicts Sergey Brin will be the world's first trillionaire
“You know, Sergey Brin was just on the All In podcast and talking about, you know, he jumped back into Google and is kind of all in on AI and, you know, he's like one of the smartest people I know. So I would, my bet would be Sergey.”
Klein predicts federal AI regulation focused on deepfakes will pass in 2025
“I think there will be some sort of regulation, right? Like, especially around like deep fakes or, you know, video, like it feels like you, if you use AI generated video to, you know, cause pain or harm or reputational harm to someone is that standalone AI regu…”
Mansoor: Kalshi captured 7% of sports handle in its launch week
“I mean, I think we got like something like seven percent of the handle within seven days of launch which is huge. Like it's a testament to how big this could be. And I think we were fourth in handle.”
Mansoor: Most Kalshi revenue comes from recurring daily markets, not mega-events
“Most of our revenue doesn't
Come from these kind of crazy, exciting events. Like the breakdown of revenue right now for this month, for example, like how much was it the Superbowl versus the other things? Like it's actually much smaller than people would think…”
Immerman: A lot of Kalshi's volume comes from sports
“And today a lot of Cal shoes volume does come from sports. There's no hiding that.”
Immerman: Elon Musk has 90%+ odds of becoming world's first trillionaire
“Well, if that market existed today, I think it would probably be like 90% plus odds on Elon. He's like pretty close at this point. Depending on, you know, where his companies go out he's certainly the favorite. So I would definitely bet on him.”
Kalshi called the US election outcome before national media outlets
“They called it before all of the other national media outlets.”
SpaceX will complete more than 160 rocket launches in 2025
“I think it will for sure be above one 50, but given those options, above one 60, maybe even one 70.”
Mansoor: Retail traders prefer real-world events over complex option deltas
“If the institutions don't care as much as we thought about like all these complicated financial instruments, then retail definitely cares way less. So the overall, I think that the amount of interest or caring about events is actually pretty large. And so, bec…”
Mansoor: Kalshi onboarded 2 million users in the fall of 2024
“So we onboarded two million people to our app last last fall.”
Mansoor: Kalshi aims to cover 100% of relevant daily news topics
“Like I think we're at maybe like 15, 20% of the relevant news on any given day. Like we can get to a hundred.”
Mansoor: Kalshi is in integration discussions with Coinbase and DraftKings
“Our first broker was Robinhood, and, you know, Vlad has been talking about that, and, you know, we just got Webull, and I think, yeah, I mean, I think over time, we're in discussions with all the other ones, like Coinbase, DraftKings, all the others, and vario…”
Lin: Sequoia internally rejected Kalshi four times despite his memos
“I wrote four memos and got four no's for a Kaoshi investment.”
O'Shea: PJ's viral AI video for Kalshi reached over 100M people
“I was talking to PJ, who creates all those, like, extremely viral AI videos. They did one for Kalshi. It reached, like, over a hundred million people.”
Kalshi reduced its event launch turnaround from 18 months to hours
“And so when they first started, it probably took 18 months to launch their first event. And now it takes a matter of hours.”
Mansoor: Kalshi has raised nearly $110M from Sequoia, Schwab, and Kravis
“It's raised close to 110. We, I mean, the main investor, Sequoia, YC Schwab Kravis and I mean, a bunch of others.”
Mansoor: Kalshi has a deep partnership with market-maker Susquehanna
“We have a very deep partnership with Susquehanna.”
Mansour: Kalshi grew from 100 to 1,000 active markets
“Like we had a hundred markets back in in September, we have a thousand now.”
Kalshi announces brokerage integration with Webull as second partner
“We actually announced our second broker, Webull, this week, two days ago.”
Mansoor: Ancillary prop markets drove 30% of Kalshi's Super Bowl volume
“There were all these markets that were like, not exactly about the outcome, but like, Related to... Around it. They're like, we're extremely, like, they ended up being something like, 30% of the whole, like, pie.”
Mansour: Entertainment and pop culture are Kalshi's fastest-growing markets
“One of our fastest growing segments Right now is, is actually, especially in January is, so obviously politics is big. I mean, I think sports will end up being pretty big. We have crypto and financials are really large, but the fastest growing right now is act…”
Mansoor: Kalshi was originally an on-chain crypto project during Y Combinator
“And actually people don't know, like, we, first two weeks of Calcio, we actually started on-chain. So it was really, yeah, it was like, yeah, people don't know this it was like it was crypto first, I remember, and like, that was when we were doing this, like, …”
Mansour: Kalshi Employees Are Prohibited From Trading on Platform
“No one in the team can use it, which actually makes it hard to develop product”
Mansoor: Kalshi acts as a Self-Regulatory Organization with an investigation department
“We are an SRO. Like we are, think of it as like a pseudo extension of government where we have our own set of rules and laws. So we have a whole investigation department. We actually have to do that by law. Like if I don't do this, I'm violating the law.”