Matt Levine’s Money Stuff: Predicting the Big Game

The big game

Yesterday was the Super Bowl of American football, which is also the Super Bowl of American advertising, and also increasingly the Super Bowl of American sports gambling, in which traditional sportsbooks take on newer prediction markets. Prediction markets have the momentum. Bloomberg’s Peyton Forte and Denitsa Tsekova reported on Saturday:

The bigger concern hanging over the [gambling] industry is the rise of prediction markets like Kalshi, which have come out of nowhere over the last year to offer a new way to bet on sports, bypassing the state-level gambling regulations that have restricted the spread of older gambling apps. ...