Source: The American Prospect
by Eleanor Davis-Diver
“‘In casinos, the house always wins. With Kalshi, there is no house. We don’t win when our customers lose,’ the nation’s leading prediction market states on its FAQ page, differentiating itself from traditional sports betting. According to its proponents, prediction markets operate on a ‘peer-to-peer’ structure where, instead of a house, the ‘counterparty’ on a bet is another regular person, just like you or me. ‘Unlike sportsbooks Kalshi doesn’t set the odds, other users do’, claims an ad spot currently playing across television and digital platforms, featuring the world’s longest sandwich. These other ‘users’ are known as market makers, a common feature of financial markets, who continuously quote prices for everyone else to ensure consistent liquidity and smooth trading. But contrary to what the advertisement implies, most market makers are not ordinary people but highly advanced trading institutions.” (08/26/26)
https://prospect.org/2026/08/26/house-always-wins-kalshi-prediction-markets/