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Kalshi And Polymarket Offer Free Groceries To New Yorkers
A Kalshi run?
Prediction-market firms Kalshi and Polymarket are offering free groceries in NYC in a bid to build awareness and attract new customers.
The Big Bet: Though controversial, prediction markets have exploded in popularity over the past year, as gambling on nearly anything has become an accepted practice. By turning groceries into swag, the companies may be low-key signaling that the money you can make on their markets could ease the burden of your typical grocery bill. Brilliant or dystopian?
Between The Shelves: Kalshi and Polymarket are hoping to win the hearts of New Yorkers by going through their stomachs.
On Tuesday, Kalshi gave out $50 worth of groceries to everyone who showed up at the WestSide Market in the East Village. The line wrapped around the block, with most attendees having never heard of Kalshi before, per Insider.
In an effort to one-up Kalshi, Polymarket announced “Polymarket,” which the company dubs as “New York’s first free grocery store.” The location hasn’t yet been disclosed, but it’ll be open for five days starting February 12th.
Polymarket also sweetened the deal by donating $1 million to the Food Bank For NYC. Your move, Kalshi…
Final (Free) Receipt: Kalshi and Polymarket are really trying to make good in NYC — arguably the financial center of the world — especially after the state’s Attorney General issued a consumer alert about prediction markets this week. Her message: buyer beware.
So, Polymarket and Kalshi are betting on free groceries to strike at the nerve centers of goodwill. Nonprofit No Kid Hungry reported in a survey last year that 90% of New Yorkers say grocery prices are rising faster than their incomes, and new NYC mayor Zohran Mamdani campaigned hard on lowering grocery prices. It’s hard to take a gamble on… well… gambling when you’re struggling to put food on the table.
Next Wager: Expect other controversial companies to explore similar stunts to win over new customers. How soon until Airbnb starts raffling off houses?
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Today’s email was written by David Vendrell.
Edited by Boye Akolade. Copy edited by Kait Cunniff.
Published by Darline Salazar.