2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
6 of an event or contingency associated with a potential financial, economic, or commercial consequence. So how would a sports contract have a financial, economic, or commercial consequence? MR. HAVEMANN: So I think the easiest way to answer that question is by an example. So Kalshi offered sports contracts on the Final 4 games and the Final last night. These are sporting events that have massive -- THE REPORTER: Can you step closer to the mic? MR. HAVEMANN: Sure. THE COURT: Our acoustics are real bad here. MR. HAVEMANN: These are events that have massive financial consequences, not just for the schools at issue, but for sponsors, for the University community, for all sorts of stakeholders, tens of millions or hundreds of millions of dollars at stake in some cases, and all of the contracts that Kalshi offers, whether it be sports contracts, political event contracts or otherwise, fit that definition. So Kalshi is careful to offer contracts that have financial consequences in the real world rather than the sort of prop bets that you might see at a sportsbook or something like that. THE COURT: Okay. Let's explore that a little bit because I want to make sure the -- in a sense, the exception doesn't swallow the rule. Or maybe that's the wrong phraseology, but the Final 4 clearly has economic impacts upon
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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