2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
24 that there is a clearinghouse that Kalshi uses. I know that that is subject to Federal regulation and Federal oversight and obligation, so I would need to again confer just to make sure -- I want to make sure I'm being very precise and not saying anything wrong -- THE COURT: Of course. MR. HAVEMANN: -- but you collect from a counterparty. It may go through an intermediary. The intermediary itself is heavily Federally regulated. And then it comes to the person who prevails or who, you know -- THE COURT: So if I don't get paid, I send my kneecappers to the person who made the offer? The person that -- my counterparty on the wager, on the contract, is who I ultimately get my money from? MR. HAVEMANN: Is who you ultimately get your money from, that's correct. THE COURT: So that person is the person who, in a sense, sets the price of the contract, right? Because they say, I'll bet -- I'll contract for $100, I'll take that contract, and so then they're my opposing counterparty? MR. HAVEMANN: Yes. That's right. THE COURT: In a sense, the other market participant is more like the house and the sportsbook because they're setting the price? MR. HAVEMANN: That's right. And that creates the
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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