Kalshi, a seven-year-old financial exchange startup, has obtained a federal license that legalizes sports trading across all 50 U.S. states. This development marks a significant expansion in the legalization of sports betting nationwide. Kalshi's platform operates as a derivatives exchange, enabling Americans to bet on a wide range of events, effectively merging Wall Street trading dynamics with sports betting. The startup has challenged regulators aggressively to broaden the scope of legal betting, positioning prediction markets as a potential competitor to traditional sportsbooks. Meanwhile, on Wall Street, the hedge fund Marshall Wace, co-founded by Paul Marshall and Ian Wace, manages a $70 billion fund using a proprietary algorithm. The firm incentivizes trading ideas from stock salespeople and other market participants by rewarding top contributors with millions in commissions, illustrating a novel approach to hedge fund management that blends quantitative analysis with crowd-sourced insights.