Bobby Allyn

And here we are today.

And he has one of the most popular apps doing exactly that.

It's called Kalshi.

Here's Tarek Mansour at a recent event talking about his vision for the company.

So Kaoshi, you know, they for years were at battle with regulators and regulators were really, really concerned that, you know, like we were just saying, insider traders could manipulate these apps, that they could create really disturbing incentives.

Like imagine if there was a market for, you know, a politician's assassination and then that politician is killed and someone makes money on it.

There's all kind of situations.

It sounds like a Black Mirror episode.

It totally does.

So because of just how potentially alarming the consequences of these markets could be, they were essentially illegal until very, very recently.

Polymarket is another one, and it's—Kaoshi and Polymarket are basically the same thing.

They allow you to bet on just about anything.

Polymarket, the key distinction is it's mostly with cryptocurrency, and it's overseas, so it's even more unregulated than Kaoshi.

You know, the Trump administration has cleared the lane for this industry to thrive.

And it's just really, really, really growing in popularity.

It's a mix.

There's people who maybe saw somebody on TikTok make a lot of money on one of these apps, and they want to cash in on the latest get-rich-quick scheme.

There's others who are former super-sophisticated, by-the-numbers Wall Street traders who are bringing a hyper-specialized understanding of finance and applying it to these apps, and they really have a lot of edge.

There's people who maybe lived in a state where sports gambling was illegal, and these apps –

You know, give everyone now the opportunity to bet on sports.