Kyle Kuzma — yes, the NBA player — became an unlikely prediction market hero this week by clapping back at the DraftKings co-founder's Twitter tirade. Then: the Ninth Circuit signals it's going to rule against prediction markets on sports contracts, setting up the split circuit that everyone was expecting and almost certainly sending this to the Supreme Court. Plus, the New York Times runs a piece on regular people beating Wall Street on prediction markets.

Then it's just Chris and Henry going deep on the terms that get thrown around constantly in prediction markets but rarely get properly defined. Adverse selection, top down, alpha, live betting, market making — each one broken down clearly with real examples, common misconceptions corrected, and listener questions answered along the way. If you've ever nodded along to a conversation in this space without fully understanding what's being said, this is the episode for you.

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Chapters:

0:00 – Kyle Kuzma: Unlikely PM Hero

1:48 – Supreme Court Here We Come

4:39 – Regular Guys Are Beating Wall Street

7:06 – Defining Adverse Selection

10:30 – Defining Top Down

16:00 – Defining Alpha

22:51 – Defining Live Betting

30:00 – Listener Questions

34:15 – Defining Market Making#predictionmarkets #kalshi #polymarket #novig #draftkings #fanduel #gambling #sports #betting