2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
71 bid is accepted, and that's how parties enter into a contract. It's what someone is willing to pay and if they find a counterparty who's willing to enter into that deal. THE COURT: So you -- Kalshi sets up "Duke's going to win the Final 4," and then parties decide, I'll bet 100 against or I'll -- I'll have a contract for 100 or I'll have a contract against for a 100?
1 2 3 4 5 6 7 8 9
MR. HAVEMANN: That's right. THE COURT: Okay. Thank you. MR. HAVEMANN: With respect to your questions about,
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
you know, who do you send the kneecapper after, there is a clearinghouse. These contracts are fully collateralized. There is a clearinghouse that holds the money during the pendency of the contract, and when the event occurs, the winner is paid out. THE COURT: Okay. So it takes the money from one side of an agreement and disburses it back or to the next one? MR. HAVEMANN: That's correct. So if I may, I'm happy to, of course, answer questions that came up in my friend's argument. I have a couple of points that I would like to raise. THE COURT: Yeah, there was. And then I'll let you make your closing. Let me get my questions answered first. And before I do... And let me pause and ask Ms. Whelan, though, because
UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
Made with FlippingBook - Online catalogs