Roundup: Senate hearing on sports betting was mostly about prediction markets; Bloomberg reports Kalshi added another $200 million in funding; SEC's Atkins wants more time on event contract ETFs.
$200 million in new capital arriving the same week senators from both parties call your product gambling is a remarkable confidence signal. Baillie Gifford in particular is known for decade-long holding periods, which means someone is underwriting the thesis that the "prediction market vs. sports betting" semantic line holds up legally for years. But Atkins delaying the ETF wrapper might matter more than any Senate hearing. ETFs are the mass distribution channel. If event contracts stay in specialized apps, the regulatory fight is about a niche. If they get into $15 trillion in ETF assets, it's a fight nobody can contain.
$200 million in new capital arriving the same week senators from both parties call your product gambling is a remarkable confidence signal. Baillie Gifford in particular is known for decade-long holding periods, which means someone is underwriting the thesis that the "prediction market vs. sports betting" semantic line holds up legally for years. But Atkins delaying the ETF wrapper might matter more than any Senate hearing. ETFs are the mass distribution channel. If event contracts stay in specialized apps, the regulatory fight is about a niche. If they get into $15 trillion in ETF assets, it's a fight nobody can contain.