688. When Is a Bet Not a Bet?
That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of a two-part series.)
- Duration
- 58m
- Broadcast on
- 25 Sep 2026
- Audio Format
- other
This episode appears to contain dynamically inserted ads. Transcript timestamps may be approximate.
That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of a two-part series.)
- SOURCES:
- Gary Gensler, former chair of the S.E.C. and the C.F.T.C.
- Robin Hanson, professor of economics at George Mason University.
- Nicole Kagan, head of research at Kalshi.
- Tarek Mansour, co-founder and C.E.O. of Kalshi.
- RESOURCES:
- "Shall We Vote on Values, But Bet on Beliefs?" by Robin Hanson (Journal of Political Philosophy, 2013).
- EXTRAS:
- "Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?" by Freakonomics Radio (2026).
- "He Helped Clean Up the Last Crash. Does He See Another One Coming?" by Freakonomics Radio (2026).
- "The Economics of Sports Gambling," by Freakonomics Radio (2019).
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Transcription truncated.
That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of a two-part series.)