On this episode of the Business of Betting Podcast, Jeff Edelstein sits down with Matt Kalish, co-founder of DraftKings and founder of Hardscope, to discuss his public criticism of Kalshi, the risks of exchange-style betting products, and why he believes prediction markets are being marketed incorrectly to everyday consumers. Hear them discuss: Why Matt’s first experience betting on Kalshi triggered concerns about pricing, liquidity, and customer transparency The wager that sparked his deep dive into prediction market mechanics How exchange-style betting differs from traditional sportsbook experiences Why Matt believes retail users are competing against sophisticated Wall Street market makers and API traders The ethical concerns around marketing prediction markets as “easy” or beatable for everyday users Lessons DraftKings learned from the early daily fantasy sports boom and regulatory backlash The similarities and differences between DFS-era marketing and today’s prediction market messaging Why Matt believes companies should clearly position these products as financial markets—not casual sports betting apps Concerns around transparency, enforcement, wash trading, and market surveillance How traditional sportsbooks and state regulators may respond to prediction markets moving forward Why operators like DraftKings and FanDuel can’t afford to ignore the prediction market space Matt’s perspective on consumer product DNA versus Wall Street infrastructure culture Why he believes recreational bettors prioritize entertainment and trust over pure trading mechanics The future of creator-led marketing and why gambling companies still haven’t mastered the creator economy Matt’s transition from DraftKings into building Hardscope and his interest in digital media and creator platforms ⚡️ Follow BoB on Twitter/X ⚡️ Watch BoB on Youtube ⚡️ Apply to be a guest here

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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