A Michigan judge has banned Kalshi from offering sports contracts in the state unless they obtain an OSB license — and ordered $120,000 per day in fines if they don't comply. Chris and Henry break down why this is just another stop on the inevitable road to the Supreme Court.

Then: Malik Beasley gets caught shaving props for pocket change — texts showing him scrambling to put together $2,000 while on a $42 million career contract. Chris and Henry debate how common this actually is, whether prediction markets make it easier to catch, and whether this story updates their priors on how much rigging is really happening across sports.

Plus, World Cup volume is shattering records across every platform, every market maker is rooting for draws and upsets, and Chris makes a bold prediction for NFL season: $50 million at 3% worse than fair value, available in a single regular season game.

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Chapters:

0:00 – Michigan Bans Kalshi

2:30 – Malik Beasley Caught Shaving Props

12:00 – SIG Loses $70M to Insider Trading

14:00 – World Cup Breaking Every Record

19:00 – Chris's Bold NFL Season Prediction

25:00 – Matt Kalish Draftkings Hypocrisy

28:00 – Would You Write a Check Into Kalshi at $40 Billion?

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