• Loading stock data...
Monday, February 10, 2025

Prediction Market Company Kalshi to Launch Super Bowl Betting

Kalshi filed with the CFTC to list Super Bowl betting odds. Industry observers wonder whether exchanges could disrupt traditional sportsbooks.

Kelce
Mark J. Rebilas-Imagn Images

Kalshi is also setting up its shingle in sports.

The trading exchange filed with the Commodity Futures Trading Commission on Wednesday to put up odds on Super Bowl futures. The filing says the contracts will initially be listed Jan. 23.

This comes weeks after competing exchange Crypto.com did the same. The CFTC asked Crypto.com to take down the odds pending the regulatory review, but the exchange rebuffed the request. As Front Office Sports noted previously, Crypto.com is sensitive about labeling the market as sports betting, instead referring to them as event contracts that are traded as derivatives and regulated by the CFTC. In markets outside of sports, Kalshi has specifically referred to customers’ risk as bets.

The CFTC, which regulates the U.S. derivatives market, will flip from majority Democrat to Republican when chairman Rostin Behman leaves the commission. Commissioner Caroline Pham was appointed acting chair by President Donald Trump this week. 

Kalshi successfully fought CFTC regulation to post presidential election betting odds last year. Founded in 2018, the exchange offers trading on anything from who will win the Oscar for Best Picture to whether Trump will buy Greenland. Its backers include VC firms Sequoia, Neo, Y Combinator, Mantis VC, and private equity maven Henry Kravis. The company has raised $156 million, according to PitchBook.

Kalshi recently announced that Donald Trump Jr. joined the firm as a strategic advisor

There’s been discussion in sports business circles about how much of an existential threat exchange-based sports betting poses for traditional sportsbooks like FanDuel and DraftKings.

The exchanges are available in all 50 states, whereas sportsbooks are not available in about a dozen states, including California and Texas. And exchanges can offer substantially lower “vig” on bets since they are peer-to-peer as opposed to the public betting against the house. 

This month Kalshi began offering odds on which NFL coaches would be hired by various teams with vacancies, including the Bears (who have landed Ben Johnson) and the Jaguars.

Right now, exchanges are dipping their proverbial toes in the water of futures wagers. But if and when they start offering single-game odds and player props, they’ll pose a much greater threat to the traditional sports betting industry.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Feb 9, 2025; New Orleans, LA, USA; Recording artist SZA and recording artist Kendrick Lamar perform during halftime Super Bowl LIX at Caesars Superdome.

Nike’s Huge Super Bowl: From Jalen Hurts to Kendrick and Serena

Kendrick Lamar wore Nikes in the halftime show; Serena Williams wore Converse.
Jon Batiste

Sportsbooks Split on Hotly Disputed Super Bowl National Anthem Prop Bet

FanDuel and DraftKings split on the national anthem duration.
opinion

Super Bowl Broadcast Review: Brady Steps Up, But Room to Grow

After a rocky rookie season, Brady needed to quickly establish himself in the biggest game he would call. He did so immediately.

Eagles Vanquish Chiefs in Super Bowl, Highlight Salary-Cap Magic

Philadelphia won its second Super Bowl Sunday night.

Featured Today

Brady and Mahomes

Chiefs Fatigue Is Real. It’s Nowhere Near Patriots Hate Yet

People who have covered both teams say the difference is stark.
Nov 24, 2024; Inglewood, California, USA; Philadelphia Eagles quarterback Jalen Hurts (1) celebrates with running back Saquon Barkley (26) after the Eagles defeat the Los Angeles Rams during the first half at SoFi Stadium.
February 7, 2025

How the Eagles Reinvented Championship Roster Construction

Philadelphia is one of the most innovative franchises in the NFL.
February 3, 2025

‘Ultimate Throwback’: The Unimpeachable Cool of Hartford Whalers Gear

Nostalgia and street cred have driven a consistent frenzy for merch.
January 20, 2024; Santa Clara, CA, USA; Kristin Juszczyk, wife of San Francisco 49ers fullback Kyle Juszczyk (44), before a 2024 NFC divisional round game against the Green Bay Packers at Levi's Stadium.
February 1, 2025

The New WAGs: Sports Wives Building Business Empires

Athletes’ wives and girlfriends are bucking stereotypes and cashing in.
Andy Reid

Sportsbooks Call for Tighter Regulations on Prediction Markets

Sports betting and sports event contracts are treated differently—for now.
Feb 5, 2025; New Orleans, LA, USA; Kansas City Chiefs and Philadelphia Eagles helmets at the Caesars Superdome prior to Super Bowl LIX.
February 6, 2025

Amid ‘Record’ Super Bowl Betting, Market’s Two Largest Forces Still Reign

FanDuel and DraftKings still dominate the ever-expanding space.
Josh Allen
February 6, 2025

Polymarket Whale Made Huge Late Bets On Josh Allen Winning NFL MVP

Allen’s odds skyrocketed from the 50s to over 90% on Thursday afternoon.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Aug 22, 2023; Houston, Texas, USA; Boston Red Sox manager Alex Cora (13) talks with home plate umpire Pat Hoberg as Houston Astros starting pitcher Justin Verlander (35) adjusts his PitchCom device during the second inning at Minute Maid Park.
February 3, 2025

MLB Fires Umpire Pat Hoberg: Third Gambling Scandal in Under a Year

The league terminates the umpire for failing to uphold the game’s integrity.
Jan 26, 2025; Philadelphia, PA, USA; Philadelphia Eagles quarterback Jalen Hurts (1) walks off the field after winning the NFC Championship game against the Washington Commanders at Lincoln Financial Field.
February 3, 2025

Robinhood Suspends Rollout of Super Bowl Betting After CFTC Request

Robinhood has suspended trading of event contracts on the Super Bowl.
Terry Rozier
January 30, 2025

Feds Investigating Terry Rozier for NBA Point Shaving

Rozier is eyed in the same investigation that snagged Jontay Porter.
A Delta flight takes off from Phoenix Sky Harbor International Airport on July 12, 2024, in Phoenix.
January 23, 2025

Is Sports Gambling on Planes Next?

A 1962 law prohibits the use of gambling devices on commercial aircraft.