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by Dustin Gouker
A newsletter about the nascent prediction markets industry, including news, analysis and legal insights at Kalshi, Polymarket, PredictIt and beyond. nexteventhorizon.substack.com
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I’ll be at NEXTPredict in October; a lot of big names and smart people from the prediction markets industry will be there. Get your tickets now for 15% off using this link and promo code CLOSINGLINE15.We started the podcast just talking about how popular betting on LeBron James’ next team had become at Kalshi and other prediction markets. And then as Daniel O’Boyle of InGame and I were wrapping up the pod, he announced where he was going!Show notes:-Cap Space:LeBron's Decision 3.0 Is More Popular To Bet on Than Actual Basketball-The Kalshi market-Wisconsin election betting:Wisconsin Warns Election Bettors They Could Lose Their Vote, And Kalshi Isn’t Happy-The Trump teleprompter fallout (or lack thereof):Four Questions About The White House Teleprompter Operator Who Allegedly Bet On Kalshi This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
Unfortunately, we recorded the podcast before all hell broke loose with the Trump teleprompter operator story. But we did talk about betting on flight cancellations, which Kalshi apparently decided to pause sometime after we recorded the podcast.But it’s still a good chat between me and Daniel O’Boyle of InGame on all the news of the week in prediction markets. I guess that will teach us to record on Fridays instead of Thursday from now on. Maybe.Here was my original piece on Kalshi’s potential markets on flight cancellations:Seinfeld Episode Or Prediction Market?And here’s the update from Fortune: “Prediction market platform Kalshi has called off plans for its latest offering: Contracts that would let users wager on upcoming flight cancellations. The decision comes after social media users expressed fears that bad actors could make mischief at airports in order to collect a payout, and after popular airline-tracking service FlightAware said Kalshi could not use its data to resolve the contracts.”And more from Adjacent Press: https://press.adj.news/p/the-airportdelay-certificationMore on Kalshi volume:https://www.ingame.com/kalshi-2-billion-volume/https://nexteventhorizon.substack.com/p/kalshi-is-crushing-everyone-in-app-downloadsRobinhood/Rothera volume: https://www.ingame.com/robinhood-rothera-volume-kalshi/What the hell is going on in Michigan? https://www.ingame.com/cftc-blocks-kalshi-voids/Congressional happeningsHearing https://nexteventhorizon.substack.com/p/news-congress-to-hold-predictionKalshi CEO on the Hill for new bill https://gottheimer.house.gov/posts/release-to-protect-children-gottheimer-introduces-new-bipartisan-bill-requiring-facial-recognition-age-verification-for-online-sportsbooks This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
Did you know you can bet on Kalshi on how many Spotify streams artists will get? Well, of course you can, because you can bet on almost anything on Kalshi. But what happens when someone tries to manipulate the streaming metrics? We found that out last week! Daniel O’Boyle of InGame helps break down the latest nonsense.First, this at The Event Horizonhttps://nexteventhorizon.substack.com/p/how-artificial-spotify-streams-broke-kalshi-marketHere’s from a story on Wired: https://www.wired.com/story/spotify-streaming-manipulation-prediction-markets-polymarket-kalshi/This week, the situation hit a boiling point when the song “Earrings” by Malcolm Todd surged to number one on a Spotify chart. In a series of X posts, Davies outlined his suspected culprit: “botting,” or scammers who purchase bots to juice streaming numbers. Davies argued that prediction market traders were botting the charts to influence the outcome of related events contracts. Todd’s song was such an underdog that it wasn’t even listed as an option on Polymarket: “Looking at the dataset of Sunday to Monday changes, it was a 11.24 sigma event, or a roughly 1 in 77 octillion chance of happening randomly,” Davies wrote.- Things start getting serious for Kalshi and everyone else in Michigan: https://www.ingame.com/kalshi-sports-contracts-banned-michigan/- Everything else in US is a rounding error: https://nexteventhorizon.substack.com/p/how-much-kalshi-trading-is-there-outside-of-sports This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
Daniel O’Boyle of InGame and I did an “emergency” podcast today to deal with all of the news that dropped on Friday morning. That includes a deal between Kalshi and FIFA…or rather Kalshi and ADI Predictstreet, apparently?Kalshi and ADI Predictstreet Announce Strategic Partnership to Expand Global Prediction Market Footprint during World Cup™ and Beyond (press release): ADI Predictstreet, the Official Prediction Market Partner of the FIFA World Cup 2026™, today announced a strategic branding and product partnership with Kalshi, the world’s leading prediction market exchange. This collaboration will expand prediction markets globally, providing billions of fans with new ways to engage with the world’s biggest sporting event.Heading into the knockout stage, Kalshi will be co-branded alongside ADI Predictstreet in stadium, TV, and online placements. Longer term, Kalshi will provide market expansion to ADI Predictstreet’s platform.In the first two weeks of World Cup™ play, Kalshi has seen explosive growth. Last week, it experienced record daily volume of $1 billion-plus. The company has inked a number of World Cup™ focused partnerships including with the Argentine Football Association (AFA,) Men in Blazers, Luka Modric, and the Croatian Football Federation. It currently controls approximately 90% of the regulated U.S. prediction market share, according to Bank of America.Dimitrios Psarrakis, Chief Executive Officer of ADI Predictstreet, said: “This is a transformational moment for our industry. Kalshi has built one of the most recognized prediction market platforms in the world, together we have an extraordinary opportunity to leverage ADI Chain’s capabilities to introduce prediction markets to millions of new users through football’s biggest stage. Our ambition extends far beyond the World Cup™. We are building the foundations for a truly global prediction market ecosystem powered by world-class technology.”Tarek Mansour, Co-Founder and Chief Executive Officer of Kalshi, said: “The World Cup™ is the largest stage for any brand. We see this as a massive opportunity to increase global awareness and fan engagement.”• A New York Times story earlier in the morning said: “Kalshi is expected to announce on Friday that it has become an official partner of FIFA, thanks to a branding and product deal with the World Cup’s existing prediction market partner, the little-known platform ADI Predictstreet.”• Kalshi posted and then deleted that the deal was with FIFA:https://x.com/DustinGouker/status/2070522854945472693?s=20• More context:https://x.com/BenHorney/status/2070516886798844385?s=20• Update on Kalshi volume and revenue.___Polymarket US Is Self-Certifying ’Next Team’ Markets, Including High School Recruits Signing With Colleges:Update: Polymarket tells me that it is withdrawing the self-certification for NCAA “next team” markets.Polymarket US is self-certifying player movement markets for a number of major team sports. That would seem to indicate that Major League Baseball — which is a partner of Polymarket — could be OK with that type of market. And Polymarket could also allow markets on high school players committing to college programs, per new filings.___DraftKings Launches Proprietary Exchange to Bolster Differentiated Predictions Experience (press release): DraftKings Inc. today announced the launch of its proprietary prediction markets exchange, DKeX, with integration into the unified DraftKings: Sports & Casino app, further advancing the DraftKings Predictions experience. The launch positions the Company to innovate more rapidly through greater ownership over content depth, operating economics, and the end-to-end customer experience. DKeX marks the next phase in DraftKings’ prediction markets evolution, strengthening its ability to deliver differentiated sports experiences across the country alongside its leading sportsbook.<p
Daniel O’Boyle of InGame and I break down recent news in prediction markets, including Kalshi nearing $9 billion in weekly volume, new exchanges getting a green light, and a bad story for Polymarket.Kalshi volume (paywall at The Closing Line)ProphetXNovigRotheraWSJ on Polymarket This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
Daniel O’Boyle of InGame and I are still trying to process that the prediction markets news cycle now includes George Santos, somehow. We break down all the recent news in in the industry.Plus I talk with Kindbridge Behavioral Health CEO Daniel Umfleet about prediction markets, addiction, and treatment. News recap and analysis at the start; Interview with Kindbridge CEO at 31:13.George Santos, lolhttps://www.ingame.com/doj-investigating-santos-kalshi-trades/THERE WAS A BIG ($5,000) HEDGE AT AN NYC BARhttps://nexteventhorizon.substack.com/p/mattress-mack-walked-so-kalshi-could-runRush Street applies for a DCMhttps://www.ingame.com/rush-street-interactive-predictions-dcm/Will DraftKings win in prediction marketshttps://closingline.substack.com/p/draftkings-ceo-i-know-whos-going-to-win-prediction-marketsHere comes Robinhood/Rotherahttps://robinhood.com/us/en/newsroom/the-world-cup-is-now-trading-on-robinhood-and-rothera/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
The Polymarket-Google fiasco:https://www.ingame.com/google-engineer-polymarket-insider-trading/https://nexteventhorizon.substack.com/p/the-polymarket-google-case-and-insider-tradingTrump talks prediction marketshttps://nexteventhorizon.substack.com/p/trump-some-prediction-market-opponents-are-scumHere come new exchanges:DraftKings... https://www.ingame.com/draftkings-self-certifies-first-contracts/Rothera from Robinhood... https://nexteventhorizon.substack.com/p/robinhood-cfo-says-most-prediction-flow-moving-to-rotheraWhen will SCOTUS tackle prediction markets?https://www.ingame.com/nj-petition-scotus-prediction-market/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
Senators talking prediction markets: https://closingline.substack.com/p/senators-were-fired-up-about-prediction-markets-at-hearingCombinatoric Athletic Outcome Contracts!https://nexteventhorizon.substack.com/p/its-not-a-parlay-its-a-combinatoric-athletic-outcome-contractBetting On Survivor:https://nexteventhorizon.substack.com/p/stop-letting-people-bet-on-survivor This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nexteventhorizon.substack.com
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