Tarek Mansour, CEO of financial exchange and prediction marketplace Kalshi, has seen significant growth for his company in preparation for the 2024 Presidential Election.

Mansour noted that the company has traded close to $200 million in U.S. Presidential Elections since Kalshi received approval from the Commodity Futures Trading Commission for trading activity contracts in early October. “Squeal Box” on CNBC.

Mansour said of his company’s explosion in popularity that “the demand curve is truly exponential.” The app rose to #1 in the Apple App Store “Finance” category, replacing the long-standing Cash App. He also noted that Kalshi has entered the top 10 in the App Store-wide rankings, and the app is ranked 7th at the time of writing.

“I think we’re heading towards No. 1 in the App Store by Election Day,” Mansour said.

The US Election was crucial for Kalshi to reach a “critical mass” of people using the platform. Mansour believes the influx of customers using his trading platform will continue to drive growth and success following the November elections.

The average amount traded on pick markets in Kalshi is between $300 and $400. But many bets reach seven figures, which the online trading platform can support without changing prices, thanks to its liquidity.

Rival trading platform Robinhood Launched election conventions on Monday.

What is Kalshi?

Kalshi is a regulated financial exchange dedicated to trading activity contracts. It became the first operator to receive approval in the USA, and in conversations with “Squawk Box” Mansour emphasized that the site only accepts trades from American players. US elections attracts attention from around the world.

Effectively, event contracts allow customers to place money on whether a particular event will occur and pay based on the likelihood of that event occurring. For example, for the 2024 Presidential Election, there are markets where Donald Trump or Kamala Harris can win the election.

But Kalshi also has a number of other election-related trading markets, including which presidential candidate will win in each state and where control of the House and Senate will go.

Analysis on the 2024 Election

With so much money spent on the 2024 Presidential Election in Kalshi, Mansour shared some insights that give a snapshot of public opinion. He explained that although the average bet size for Harris was slightly larger than for Trump, more customers were backing the Republican candidate to win the election.

However, Mansour also clarified how people should read the book. US election odds It is exhibited in Kalshi that “people confuse the possibilities that these markets offer us with the survey”.

For example, he suggested that if Trump had a 20-point lead in the polls, he would have a 100% chance of winning the election. But in Kalshi, even though the chance of winning the election is 70%, the chance of actually winning is 70%.

Although Kalshi has gained public attention during the preparations for the 2024 Presidential Election, Mansour believes that news organizations and other media companies will continue to evaluate its results for upcoming events as the “market-based mechanism” provides insight into what the general trend is. the population thinks.

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