2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
23 the types of entities that I think the Board may be concerned with because, there, sportsbooks, or the house, they set a line, they set a line in a way that they believe is advantageous to them. They stand to benefit from setting the line in a particular way. The same incentives, the same opportunities for abuse, do not apply to Kalshi, and that is, in part, what justifies the very different regulatory treatment that the exchanges get -- THE COURT: Although sportsbooks in Nevada usually charge what's called a vig or a vigorish, whereby we'll take the money and try to get the bets on either side, so we ultimately at least prevail on the vig. That doesn't always work, so in a sense, there's a similarity there because we've got a commission, in a sense, on what's bet. Regardless, if I pick the Vegas Golden Knights to win the Stanley Cup, that's a contract that's, say, on the market, and I say, yes, VGK is going to win the Stanley Cup and I succeed in that bet -- that contract, I apologize -- and it's $100, who do I collect my $100 from? MR. HAVEMANN: From the counterparty. From your counterparty to the contract. THE COURT: Does that money go through Kalshi to me, or is it I've gotta contact them and collect from them directly? MR. HAVEMANN: This gets very technical. I know
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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