Bobby Allen

Such markets are illegal under federal law, but Polymarket's biggest site operates overseas, accessible in the U.S.

only by virtual private networks.

Bobby Allen, NPR News.

The $10 billion represents about 70% of TikTok's US valuation.

Typically, bankers who complete large deals receive more like 1%.

And the deal to sell off most of TikTok's Chinese investment only occurred to comply with a law Congress passed.

So in some sense, it's a fee for brokering a deal to comply with the law.

Some of the biggest beneficiaries of the TikTok deal are longtime Trump allies like Larry Ellison, co-founder of Oracle, which is the lead investor in the new TikTok entity.

The fee, which was first reported by The Wall Street Journal, is being defended by the White House as a fair payment for saving TikTok.

In September, Trump said the public would soon learn about, quote, a tremendous fee.

Bobby Allen, NPR News.

Can you tell yet what they're comprised of?

U.S.

District Judge Sarah Morrison says apps like Kalshi and Polymarket are no different than gambling.

Kalshi argued it should not be regulated like a gambling operation because it's technically a type of futures contract, not a gambling site.

But billions of dollars are spent every week on Kalshi, where people bet on who will win the latest season of Survivor, whether Trump will say Midnight Hammer, and how many times sports announcers will say the word foul.

In her ruling, Morrison wrote, treating this as anything other than gambling is absurd.

Cauchy says it plans to appeal.

Nearly $6 billion was traded in the past week on Cauchy and Polymarket, which is up nearly 2,000 percent from last year.

Bobby Allen, NPR News.