But the important thing here is that these prediction markets are not a crystal ball.

They're not all mighty.

But they're as close as it gets.

They're the best way to forecast the future because of this sort of skin in the game aspect.

People don't lie when their money is involved. I'm Ricky Mulvey, and that's Kalshi CEO and co-founder Terak Mansour.

On today's show, we're taking two looks at prediction markets, one from a leader in the

industry and another from a journalist telling its story.

In the first part, Mansour spoke with me about how prediction markets can differ from gambling

and his platform is a source of truth. So a basic question for you, but one that I think is important to your company and

for our listeners understanding Kalshi, what is the difference between an event contract

and a bet?

Yeah, that's a great question.

And obviously, we get asked this a lot.

And it's the central sort of one of the central questions around prediction markets.

And, you know, the way I like to answer a question usually is in some ways, sort of to

outline that this question has been consistently asked whenever it came to sort of taking

new financial markets mainstream.

And so very people are not familiar with this, but when grain futures first came to the

US, there was a question.

There was actually a Supreme Court decision about whether these are gambling or not.

Are these bets or are they not?

And the answer where the Supreme Court landed was like, sure, there's a lot of people

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