2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
7 the players, it has economic impacts on advertisers and the like. Wouldn't anything have some economic consequence, as long as two people are willing to put money on it? So why -- what would not be a swap? MR. HAVEMANN: So the answer is, it has economic consequences outside of the transaction at issue and so, of course, if someone puts a bet on, you know, the coin flip, for example, they would have economic consequences on the coin flip, but the coin flip would not have independent real-world consequences in the world at the start of a football game in the way that the winner of the Final 4 Men's Basketball or Women's Basketball Championship clearly has real-world financial consequences for the schools, the sponsors, et cetera. So that's how Kalshi draws the line. I do want to make -- THE COURT: So the coin flip would not be a swap? MR. HAVEMANN: That's correct. THE COURT: Even though many, many people in Nevada bet on the results of the coin flip at the Superbowl? That has economic consequences. MR. HAVEMANN: That's right, and I think that that helps distinguish, you know, sportsbooks and the sort of entities that the Board claims Kalshi is from Kalshi. That is, sportsbooks offer all sorts of bets on events within sporting -- occurrences within sporting events that at least,
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
Made with FlippingBook - Online catalogs