# Uncapped #48 | Tarek Mansour from Kalshi

Page: https://stenobird.com/podcast/uncapped-with-jack-altman-7251833/uncapped-48-tarek-mansour-from-kalshi
Text version: https://stenobird.com/podcast/uncapped-with-jack-altman-7251833/uncapped-48-tarek-mansour-from-kalshi.md
Podcast: [Uncapped with Jack Altman](https://stenobird.com/podcast/uncapped-with-jack-altman-7251833)
Published: 2026-04-29T09:00:00+00:00
Episode link: https://traffic.megaphone.fm/PDP4044936269.mp3?updated=1777442679
Audio file: https://traffic.megaphone.fm/PDP4044936269.mp3?updated=1777442679
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JSON: https://stenobird.com/v1/public/podcasts/uncapped-with-jack-altman-7251833/episodes/uncapped-48-tarek-mansour-from-kalshi
Duration seconds: 2869

## Resource

Tarek Mansour is the co-founder and CEO of Kalshi. Kalshi is a regulated prediction market exchange valued at $22B in 2026 where people trade on the outcomes of real-world events – things like inflation prints, Fed decisions, elections, or weather events. Instead of betting against a house, users trade against each other in a market, and prices reflect the collective probability of an outcome happening. Before starting Kalshi, Tarek worked as a quantitative trader at Goldman Sachs as a structured credit and equities analyst and at Citadel as a global macro trader. During his time at these firms, he realized a common thread: a lot of trading stemmed from an opinion on a future event. We covered the idea behind prediction markets and how they offer a more direct way to trade on beliefs about the future. The conversation follows the long, difficult path to building a regulated exchange in the U.S., from early skepticism to ultimately winning a landmark legal battle. We also discuss how these markets can improve forecasting, enable new forms of hedging, and change how information gets priced. --- Timestamps: (0:00) Intro (0:23) Kalshi’s genesis (5:05) Regulation-focused from inception (11:06) Suing the government (18:02) Gambling vs. financial markets (20:58) Defining insider trading (25:38) Incentive structure of the system (32:40) Investing vs. trading (35:31) Hedging use cases (41:38) Scaling a lean team (44:02) Defining Kalshi’s culture --- Links: https://x.com/jaltma https://x.com/mansourtarek_ https://kalshi.com/ https://uncappedpod.com/ --- friends@uncappedpod.com

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## Transcript

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