“It is just super weird to be like, we're not doing sports gambling. We're doing something completely different. It's swaps. Swaps on how many touchdowns Joe Burrow throws.”
Money Stuff: The Podcast · October 2026
Levine and Mary Childs are discussing Kalshi, which argues that its sports contracts are federally regulated swaps and not sports bets. Levine grants that daily sports volume may bring professional market makers to the platform, but the legal framing still strikes him as strange.
Transcript
…come to every day, then you'll have professional market makers. People will get into the business of being good at those predictions because there's money to be made there. And then that will make the truth machines good and will make the hedging, you know, there's something to that. Well, and it
allows the business to function because it's making money from the sports market. Right. Right,
right, right, right. So I think there's some reality to that, but it is just super weird to be like, we're not doing sports gambling. We're doing something completely different. It's swaps. Swaps on how many touchdowns Joe Burrow throws.
I can't wait for more clarity here. I've stayed confused on this. Yeah.
You know, the Supreme Court has to decide it. I'm sure it'll be weird. Maybe they'll say Calci can't list sports contracts and then Cashi will have spent so much time. No, maybe it'll be great. Maybe like they'll have grown their business so much and they'll be like mostly hedging data center risk…
It's like when a kid really needs a parent to like make them stop doing something. They're like, please release me from this demon. That's what the Supreme Court can do for Calci.
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