A different entity provides liquidity.

There’s no house like in sportsbooks.

And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.

Not in the US.

Is there any state that allows organized poker tournaments, but not gambling or sports betting?

Sounds like a glaringly obvious conflict of interest?

Of course it is, people will do whatever they can get away with.

Be careful, the market makers always win. If you go against them, you make yourself a target.

That's their PR department talking.

https://straighttothepoint.substack.com/p/you-cant-have-it-b...

https://www.sportico.com/business/sports-betting/2025/kalshi...

Kalshi definitely does this

They just don't make any money off it.