U.S. Gaming / U.S. Brokers and Exchanges: Takeaways From Dinner with Kalshi

Research evidence excerpt

U.S. Gaming / U.S. Brokers and Exchanges: Takeaways From Dinner with Kalshi

Equity Research

U.S. Brokers, Asset Managers & Exchanges

30 June 2026

U.S. Gaming / U.S. Brokers and Exchanges

Takeaways From Dinner with

Kalshi

We hosted Nicole Kagan, Head of Research at Kalshi, for a U.S. Gaming, Leisure & Lodging

dinner in NYC where she fielded questions on a range of POSITIVE

topics relating to prediction markets. U.S.POSITIVEBrokers, Asset Managers & Exchanges

U.S. Gaming, Leisure & Lodging

The following companies are privately held and are not under coverage by Barclays Research: Brandt Montour, CFA

Kalshi. Information about these companies is being provided for information purposes only and is +1 212 526 9947

not an investment recommendation by Barclays Research. brandt.montour@barclays.com

BCI, US

Our top takeaways from the dinner and readthroughs for our coverage were that 1) institutional

Kristi Martiko, CFA

adoption (across sports and non-sports) in prediction markets is still in its infancy with a large

+1 212 526 7672

potential opportunity, 2) non-sports markets has the potential to be a much larger opportunity kristi.martiko@barclays.com

than sports markets over time, and 3) prediction markets can differentiate themselves by BCI, US

offering the best experience/product, the ability to stay ahead of others on the innovation

Elizabeth Heffern

curve, and keeping within federal guidelines.

+1 212 526 3592

elizabeth.heffern@barclays.com

In terms of sports, Kalshi believes the difference in prediction markets' business model and

product vs traditional sportsbooks is how the product has been able to grow sports trading

volume so quickly. The growth has been across both legal and non-legal OSB states, with non- William Wei