> The vast bulk of the cash that's staked in those wagers is put up by the people and firms on the other side of the trade — those who offer the 20-1 and 99-1 odds.
A large group of gamblers are always drawn to the unlikely longshot that offers them a big return, but in the longterm the house/bookmaker always wins.
Kalshi and Polymarket now offer others the opportunity to become the house and take the other side of the bet against these people.
> ...but in the longterm the house/bookmaker always wins.
Not always. Yes, the house always wins in casino games like blackjack or slot machines. In sports betting, if you're good enough to overcome the market overround (the house margin), then you can consistently win and professionals have been doing this for decades. Read about Bill Benter in Hong Kong.[1]
> Kalshi and Polymarket now offer others the opportunity to become the house and take the other side of the bet against these people
This is not a particularly new thing. Betfair[2] has been offering this in the UK for at least 20 years and later in Australia. It's mostly sports betting, and of course Kalshi and Polymarket are not merely sports betting, but the ability to offer lay bets to the public is not new.
A large group of gamblers are always drawn to the unlikely longshot that offers them a big return, but in the longterm the house/bookmaker always wins.
Kalshi and Polymarket now offer others the opportunity to become the house and take the other side of the bet against these people.
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