Parlay Bets Saddle Gamblers With $294 Million Losses on Kalshi

Retail bettors placed multi-leg parlay bets on the prediction-market platform Kalshi, resulting in $294 million in cumulative losses for those bettors, according to data from the platform. Sophisticated traders profited by taking opposing positions against these parlays. Kalshi operates as a federally regulated prediction market where users can bet on event outcomes including political and economic events.

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