📢 Bits + Bips has its own channel now — full episodes here: <a href="https://www.youtube.com/@Bitsandbips">https://www.youtube.com/@Bitsandbips</a>&nbsp;

A Ninth Circuit panel ruled 3-0 that Nevada can enforce its gambling laws against Kalshi's sports contracts, directly conflicting with an April ruling that put Kalshi under CFTC oversight instead.
Andy Ross, Head of Institutional at Kalshi, joins the panel to make the case that prediction markets are nothing like sportsbooks, that Kalshi wants its winners to keep winning, and that its fastest-growing customers are not hedge funds but ice cream shops, kayak renters, and boat charter operators hedging ordinary business risk.

Hosts:
<ul>
 <li><a href="https://x.com/austincampbell">Austin Campbell</a> - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
</li>
 <li><a href="https://x.com/ramahluwalia">Ram Ahluwalia</a> - Co-host of Bits + Bips and CEO of Lumida
</li>
 <li><a href="https://x.com/perkinscr97">Chris Perkins</a> - Co-host of Bits + Bips and Head of Franklin Crypto
</li>
</ul>
Guest:
<ul>
 <li><a href="https://www.linkedin.com/in/andy-ross-51184917/">Andy Ross</a> - Head of Institutional at Kalshi
</li>
</ul>
This clip is from a longer conversation on Kalshi's clash with state regulators over prediction markets. Full episode here: <a href="https://youtu.be/c5qwxUlaKQ4?si=9vIZPp0imIyuJIs3">https://youtu.be/c5qwxUlaKQ4?si=9vIZPp0imIyuJIs3</a>&nbsp;
We go live every Monday - subscribe to catch it live.

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Chapters:
⚖️ 00:20 Ninth Circuit rules 3-0 that Nevada can enforce gambling law against Kalshi
🎯 02:16 Andy on why prediction markets are not sportsbooks
🏛️ 04:44 Chris asks whether the CFTC believes it has federal preemption
🍦 06:21 Andy on ice cream shops, kayak renters, and boat charters hedging with Kalshi
📊 08:10 Ram asks where Kalshi's real trading volume actually comes from
🔬 09:21 Andy unveils Kalshi's 2.2 million-data-point calibration study&nbsp; Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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