Mitch Labiak

Morning, how you doing?

Yeah, good question.

I mean, in terms of how long Polymarket has been around for, we're talking since 2020.

Kaoshi, which is one of the other big prediction markets operators, sort of similar situation.

But in that time, they've grown rapidly.

Just to give you an idea of numbers, Polymarket is worth $9 billion.

Kaoshi is worth $22 billion.

These are companies that

essentially didn't exist a decade ago.

So phenomenal growth in a very short period of time.

Correct.

Yes, you're spot on.

So essentially in the U.S.

prediction markets, which polymarket and calcium both are, are classed as trading.

So they're regulated by the Commodities Futures Trading Commission.

So according to the U.S.

regulation and the U.S.

law on a federal level, they are sort of in the same bracket as commodities.

buying or selling what are known as futures or derivatives, which to me and you just means buying or selling oil on the commodities market.

And the idea is that prediction markets, according to the US law anyway, fall into that same bracket, which allows them to operate in all 50 states.