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So look, remember in Calshi, this is one of the most nefarious things about it.

One of the things that they say is that reason why they're better than DraftKings.

And this is a fair argument, so let's interrogate it a little bit, is that they don't set the line, is that they're the market makers, right?

On both sides of the trade, they take a small percentage of the fee.

Now, remember, though, that because if you take a percentage of the trade, that means how do they make money?

They want you to trade a lot, so that's number one.

In fact, they want you to get basically addicted to trading.

Now, second, though, is that while a casino will set the line, like plus or minus whatever on a game, minus 110 or something,

like that for the spread and then move that to hedge their own risk.

The Cal sheet is sitting there and offering the ability for a market to be able to take your line as well.

Well, what that means is that with these two people on the other side of the trade is that there's a heavy amount of influence and market making that happens for the people who are taking the action.

And from

Again, I know this sounds complicated, and I'm still a relative layman on how this all works.

It's very complicated.

But what it means is, from what I understand, is it gives these sharps the ability to not only hedge a lot of their own betting risk from the traders, but also to offer different odds based upon the amount that you are betting in terms of a trade, which is not necessarily the same as a sports bet or a casino.

Anyways, what I have seen generally is that with all of this amount of influence, the vast majority of the retail normal trader is losing on these prediction markets.

And while their argument is, well, the vast majority of day traders lose money.

Yeah, that's true.

That's one reason I opposed the Trump administration lowering the threshold for $25,000 for day trading, because most people who are doing it are fucking idiots and are losing all their money.

But