{"id":97018,"date":"2025-12-22T12:16:15","date_gmt":"2025-12-22T15:16:15","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97018"},"modified":"2025-12-22T12:16:15","modified_gmt":"2025-12-22T15:16:15","slug":"kalshi-eyes-brazil-as-part-of-global-expansion-plans","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/kalshi-eyes-brazil-as-part-of-global-expansion-plans\/","title":{"rendered":"Kalshi eyes Brazil as part of global expansion plans"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em>Brazilian founder Luana Lopes Lara, the world\u2019s youngest self-made female billionaire, says the company aims to expand its regulated prediction markets internationally<\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\">12\/22\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<div class=\"row medium-uncollapsed content-top-image\" data-block-type=\"featured-image\" data-block-id=\"0\">\n<div class=\"column medium-centered medium-22 large-20 desktop \" style=\"text-align: center\">\n<figure class=\"content-featured-figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-featured-image\" src=\"https:\/\/s2-valorinternational.glbimg.com\/MOmItI5jdmixTGhp-MmLLNsRXo0=\/0x103:996x768\/888x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2025\/u\/S\/llobl3QBycj1Btjqw48w\/saveclip.app-151086444-247426453681034-2178134125253152388-n.jpg\" alt=\"Luana Lopes Lara\" width=\"996\" height=\"665\" \/><figcaption class=\"content-featured-caption\"><em>Luana Lopes Lara \u2014 Photo: Reprodu\u00e7\u00e3o\/Instagram<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles active-capital-letter\" data-block-type=\"unstyled\" data-block-weight=\"66\" data-block-id=\"2\">\n<p class=\" content-text__container theme-color-primary-first-letter\" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Kalshi, the U.S.-based prediction market platform co-founded by 29-year-old Brazilian Luana Lopes Lara, who became the world\u2019s youngest self-made female billionaire, is exploring expansion into Brazil. In an interview with Valor, Lara said the company, now valued at $11 billion after its latest funding round, is preparing to accelerate its international growth, with her home country among the top priorities, although plans remain in early stages.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"10\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>How did the idea to start Kalshi come about?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"71\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:<\/strong>\u00a0We worked in finance for three years. I was at Bridgewater and Citadel; Tarek [Mansour, Kalshi\u2019s co-founder] was at Goldman Sachs and Citadel. We realized that everything traded in financial markets reflects expectations about future events. If someone believed Brexit would happen, they\u2019d short the pound or buy European stocks, building a portfolio based on that. But it was all an indirect way of expressing a view on an event.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"9\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>Isn\u2019t that how markets are supposed to work?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"70\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:\u00a0<\/strong>If you expect something to move, you position for it. But that\u2019s not efficient. If a war breaks out at the same time as Brexit, for example, it\u2019s hard to know which asset reacts to what. There are too many variables. What matters is the event itself. We wanted to create an exchange where people could directly buy or sell outcomes, instead of relying on proxies or indirect instruments.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"14\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>Kalshi had to fight regulatory battles to launch and expand, especially on elections.<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: It was incredibly tough to start from scratch. Coming from finance, we were set on doing everything by the book because we wanted institutions like Goldman Sachs and Bridgewater to eventually use our products. That wouldn\u2019t be possible without proper regulation.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"102\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">We worked with U.S. regulators for three years to show them how this was similar to markets they already oversee. In other sectors, like Uber or Airbnb, the model has been \u201cask forgiveness later.\u201d That doesn\u2019t work in finance. There\u2019s money involved, and you have to be right from day one. After launching, we faced another long battle for election-related markets, which took over two years, and we had to sue the government. That was a hard decision. Suing your regulator is extremely delicate; there\u2019s always the risk of retaliation or delays. In that sense, the U.S. isn\u2019t so different from Brazil.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>A significant portion of Kalshi\u2019s revenue now comes from sports. How is that different from betting?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"69\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:<\/strong>\u00a0Sports are a massive industry with real economic exposure. We\u2019re especially focused on helping companies hedge against those risks. For example, there are markets about where the NBA Finals will be held. Depending on how many games the series goes, hotels can see huge swings in occupancy. That\u2019s real financial exposure. Sports and entertainment face risks that historically haven\u2019t had the same risk-management tools as sectors like agriculture.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"11\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>But how does a single game outcome fit into this?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"85\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: There\u2019s also the \u201cprice discovery\u201d aspect. Even if an event doesn\u2019t have direct economic consequences, the information embedded in the market price is valuable. If a candidate is trading at 70% odds, that says something. Same with sports: publicly traded clubs, for example, see their stock prices move based on game results. That\u2019s why we draw a clear line between what we do and traditional gaming. We focus on hedging, trading, risk, and price signals, none of which exist in poker or slot machines.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"16\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>What about the risk of insider trading, like someone betting on the next Time cover?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: It works like insider trading in equity markets. But since we\u2019re regulated, we\u2019re required to know who\u2019s behind every transaction, where they work, who they are. Our compliance team monitors everything. If someone manipulates the market or breaks the law, they can be prosecuted, just like in equity markets.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"8\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>Has that been enough to prevent abuse?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"54\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: Of course, no system is perfect. Misconduct can happen, as it does in stock markets. But we have mechanisms to investigate and act. Notably, all known insider trading cases in prediction markets happened at Polymarket, which operates offshore. They don\u2019t use KYC rules. One person can use multiple wallets. There\u2019s no accountability.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"10\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>Are there any records of insider trading at Kalshi?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: There are no records of this type of case in regulated markets in the United States, such as Kalshi. In addition, all trades executed on Kalshi are reported to the government. Authorities independently analyze the data to ensure that we are fulfilling our role properly and to identify any potential irregularities.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"9\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>After raising $1 billion, what\u2019s next for Kalshi?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"105\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: We\u2019re just getting started. One of the first things we announced after the round was our plan to expand internationally. Brazil means a lot to me. I really want us to operate there. We\u2019re still studying how to do it, but I hope we can announce something in early 2026. We also want to grow in other countries. We envision something similar to CME, where you can access U.S. products from Brazil. In addition, we want to gradually develop other structures, such as margin and leverage, though that\u2019s more of a longer-term plan. It would help us move toward a more institutional trading profile.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"11\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>How do you see your entry into the Brazilian market?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:<\/strong>\u00a0We\u2019re just beginning to explore. There\u2019s nothing like Kalshi in Brazil today,<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/politics\/news\/2025\/12\/04\/senate-backs-tax-on-betting-firms-to-finance-fight-against-organized-crime.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/politics\/news\/2025\/12\/04\/senate-backs-tax-on-betting-firms-to-finance-fight-against-organized-crime.ghtml\">\u00a0just betting platforms or derivative markets,<\/a>\u00a0which is where the U.S. was before Kalshi. We want to find a way to bring our model to Brazil, using what we\u2019ve learned in the U.S. But it\u2019ll depend on our lawyers and regulatory review. Nothing has been finalized yet.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"6\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>Are institutions already using Kalshi?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:<\/strong>\u00a0Absolutely. On the market-making side, major funds like Susquehanna and Jump Trading are active. On the hedging side, there are funds, family offices, and companies buying contracts to manage risk. We even offer request-for-quote (RFQ) trading for large orders, say, someone wants to buy $10 million worth. That\u2019s common in institutional environments and already works on our platform.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>Any public examples?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara:\u00a0<\/strong>Yes.\u00a0<em>Underdog<\/em>, a fantasy sports company, publicly said they use Kalshi to hedge their exposure. Another is\u00a0<em>Arrived,<\/em>\u00a0in the mortgage sector. They used Kalshi to hedge against a possible U.S. government shutdown, buying over $1 million in contracts, essentially like buying insurance.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"6\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>Any plans to go public?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: Listing the company is important, but not now. We don\u2019t know when. For now, the focus is on building the best product, growing as much as we can, both in the U.S. and globally, launching more products, and scaling on all fronts.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor:<\/strong>\u00a0<em>Was bringing Donald Trump Jr. on as a strategic advisor due to regulatory concerns?<\/em><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: Kalshi is highly regulated. Since we operate in elections and politics, we need to engage with Congress, the Senate, and the White House. That\u2019s the nature of our business. We need people who understand how Washington works, how to explain our model to both sides of the aisle.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"7\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Valor<\/strong>:\u00a0<em>Isn\u2019t Trump Jr. too politically charged?<\/em><\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Lara<\/strong>: He\u2019s not in office, and we don\u2019t view him as a politician. We\u2019re close to leaders across the political spectrum: Senate, House, White House, and even state governments. Our advisory board includes people from both sides, and we look for the best individuals to help us navigate the regulatory landscape.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Gabriel Roca, Valor\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brazilian founder Luana Lopes Lara, the world\u2019s youngest self-made female billionaire, says the company aims to expand its regulated prediction markets internationally &nbsp; &nbsp; &nbsp; 12\/22\/2025 Luana Lopes Lara \u2014 Photo: Reprodu\u00e7\u00e3o\/Instagram Kalshi, the U.S.-based prediction market platform co-founded by 29-year-old Brazilian Luana Lopes Lara, who became the world\u2019s youngest self-made female billionaire, is exploring [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26669,26668],"class_list":["post-97018","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-global-expansion-plans","tag-kalshi-eyes-brazil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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