SaltTrade Derivatives launches in 90 days but will stay out of the tribe’s home state of Louisiana.
The hit
The Tunica-Biloxi Tribe of Louisiana is launching a prediction market app with Kalshi, becoming the first tribe to enter the sector, according to nola.com. The app, called SaltTrade Derivatives, will let customers trade contracts on events such as weather, elections & Oscar winners.
Why it matters
Leaders of other tribes were concerned about prediction markets threatening their gambling operations, tribal chair Marshall Pierite said. Pierite said he isn’t looking to challenge the sector, with Kalshi providing the infrastructure & odds while the tribe markets the product to position tribal entrepreneurship inside a market expected to hit $410bn in trading volume this year. Kalshi CEO Tarek Mansour said “one does not have to lose for the other to win.”
The record
| Trading volume forecast | $410bn expected across prediction markets this year, according to nola.com |
|---|---|
| Launch window | SaltTrade Derivatives app set to launch within 90 days |
| Market reach | Available in every US state except Louisiana |
| Deal terms | Financial details & revenue projections not disclosed |
| Tribal scale | 575 federally recognised tribes could follow, Pierite said |
What happens next
Pierite said he sees the deal paving the way for other tribes to strike similar agreements.
Sources: Tunica-Biloxi Tribe set to launch prediction market app
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