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Bet The Process

Kalshi, the Trade On Anything Platform with Noah Sternig

Bet The Process

Bet The Process

Sports

4626 Ratings

🗓️ 22 May 2025

⏱️ 46 minutes

🧾️ Download transcript

Summary

This week on Bet the Process, Noah Sternig joins to discuss operations at Kalshi, the platform that enables peer-to-peer trading on various events including elections, sports, and commodity prices. Topics include Kalshi's approach to democratizing trading through its API and market-making systems, fee structure, business volume, and potential market impacts.

Transcript

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0:00.0

On this week's Bet the Process Podcasts, we have Noah Sternig from Kalshi to talk a little bit about

0:06.0

what they are, and then, spoiler, their prediction market. And then Rufus and I talk a little bit about

0:11.8

the PGA Championship, our Calcutta results, and then a reflection on what role prediction markets

0:17.9

might play in evolving the world of sports speculation. So with that,

0:22.9

let's start the process.

0:23.9

Bet, bet, bet, bet, bet, bet, bet the process.

0:30.9

Bet the process. Welcome to the podcast. Bet the process. It's not the typical cookie cutter nonsense. If you came just for picks, you're in the wrong place. Find a town with the narrative to make a strong case. Instead of blindly assuming a team must be tanking. We're looking for the edge of Massy P-Body rankings. Crunching all the numbers in a simulator system that break down the data analytically driven.

0:55.5

Media coverage, the sports gambling is pathetic.

0:57.6

Welcome to another episode of The Bet the Process podcast where we are post-PGA championship

1:02.8

and we had a Calcutta where I actually won and Rufus actually lost, which was rare these days.

1:11.7

You've been on a Calcutta heater.

1:13.1

So it was, you know, I was actually surprised because I thought when you,

1:18.2

when I was talking to you afterwards, I thought you had done well, but I didn't realize

1:22.2

you had done.

1:22.8

On the Calcutta?

1:23.8

Yeah.

1:24.5

Yeah, we had a lot of field guys that kind of collapsed. Well, I don't want to say

1:29.5

collapse. We had a few guys collapsed down the stretch that hurt us, although I mean, you had

1:33.8

John Rom, right, who his, his collapse was very costly. What's that? Yeah, it was a real,

1:41.5

it was a fun, except for the fact that Shephler kind of ran away with

1:44.5

at the end, but there were so many guys up there, and it was crazy how big the swings were

1:50.2

between like two strokes.

...

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