They also place their own bets within their own market. They don't just make money on trading fees.

usefulcat 3 hours ago | parent | next [-]

Sounds like a glaringly obvious conflict of interest?

	▲	msandford 22 minutes ago \| parent \| next [-]
		Be careful, the market makers always win. If you go against them, you make yourself a target.
	▲	CyberDildonics 2 hours ago \| parent \| prev [-]
		Of course it is, people will do whatever they can get away with.

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nojito 5 hours ago | parent | prev | next [-]

A different entity provides liquidity.

There’s no house like in sportsbooks.

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jeltz 4 hours ago | parent [-]

And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.

	▲	nojito 2 hours ago \| parent [-]
		Not in the US.

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loeg 5 hours ago | parent | prev [-]

Kalshi does not trade against its users.

	▲	dymk 5 hours ago \| parent \| next [-]
		That's their PR department talking. https://straighttothepoint.substack.com/p/you-cant-have-it-b... https://www.sportico.com/business/sports-betting/2025/kalshi...
	▲	tantalor 4 hours ago \| parent \| prev [-]
		Kalshi definitely does this They just don't make any money off it.