[bluGill]

That ESPN link doesn't tell me anything. Wikipedia says Kalshi is trying to become available on other brokers, but also implies that the majority of their "trades" come from their own in house brokers.

As such I still need to stand by what I said: at least for now the online platforms are not exchanges (though some are trying to move that way)

[kgwgk]

> The company says one difference is that users are not going up against the house but instead trading contracts with other users on the opposite side of the proposition.

> "We are simply an exchange. So we sit between people that are buying contracts on a yes and a no side. We don't win by people losing. And we don't lose by people winning. We simply sit in between that transaction."

I don’t know what else would you like to be told. That’s an exchange, with one user taking one side and another taking the other side. No brokers are involved when end-users connect directly to the exchange.

Wikipedia mentions that they would like other platforms to give access to the exhange, and the existence of market makers (one affiliate company, one independent company) that may provide liquidity. But the basic exchange is user-to-user.