Speaker unverified: belief

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…The other big debate you guys are in the middle of is just that about sports contracts generally. And I was trying to reason about my own thoughts here on this debate, where on the one hand, the criticism is that with more sports gambling comes proven bad effects. You can measure some of the bad effects that it has on people. And, you know, we have this especially in the US, where there was a lot of legalization of sports betting over the past 10 years, and there's some data on that. On the other hand, I have no real issue with alcohol, despite the fact that it has kind of a similar distribution where many people enjoy it and then there's a very bad set of outcomes for a small fraction of the population. And so I feel like the societal discussion of, you know, the morals of alcohol and the morals of betting are different, despite the fact that, again, it's a similar shape to the distribution. And, you know, also just thinking from my experience, online sports betting has been legal in—well, legal is a complex term—has been available in Europe for a very long time, basically since the start of the internet. And there was all these cross-border hacks in Malta. And now it's a bit more regularized. But it's been available to people who want it for a long time. And life goes on. And it hasn't led to any kind of major societal collapse over there. But clearly, this is one of the big debates that raged around Kalshi. And so I'm curious how you guys think about increasing access to sports contracts and the effects there. Well, there's a lot of parts to what you're saying. I think that the way that we think about sports, how we decided to first list sports, is obviously something that a lot of people are interested in. That's unquestionable. But also there's something that a lot of people do a lot of research and know a lot about. And there aren't traditional ways for you to make money on that. That are actually good, or we talk about the winners, they get cut and all those things, and it doesn't really work. And regardless of whether people like that some people bet or dislike that some people bet, people bet. And it's just about what is the best way for them to have access to something that they can get exposure to sports. And I think that the whole point of markets versus a bookie is that markets are just objectively better. I think that it's almost... I'd never heard someone make a case that a state-by-state regulated casino is actually a good thing. I'm actually hearing nowadays that a lot of the paid propaganda by the gambling guys trying to say that. And just to put numbers on that, the order of magnitude rake for sports betting companies is around 10% and the order of magnitude for prediction markets is, you know, 1% or a few points.…

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