A Sports Betting Hall of Famer is joining the ranks of Kalshi.
Former SVP of Public Affairs and interim CEO of the American Gaming Association Sara Slane is taking on the role of Head of Corporate Development for Kalshi, per reporting from Sports Business Journal and a press release from Kalshi.
Slane played a crucial role in getting sports leagues on board with sports betting after the repeal of PASPA in 2018. Slane helped run the AGA alongside Stacy Papadopoulos after Geoff Freeman departed the organization until the company appointed Bill Miller the new CEO in 2018.
A short time later, Slane left the AGA to start her own advisory firm, which has been her focus until now.
“Sara’s track record speaks for itself. She ran the successful campaign to overturn the federal law banning sports betting and helped leagues and teams monetize off the opportunity and now she’s joining Kalshi, a federally regulated futures derivative
exchange poised to further grow the marketplace ,” Kalshi Co-Founder and Chief Executive Officer Tarek Mansour said. “As we look to grow our sports business and further partner with operators, leagues and teams we hope to leverage her expertise and decades long relationships with key stakeholders. Sara is known for her ability to drive partnership and maximize opportunities for future growth.”
While sports leagues now wholly embrace sports betting, in 2018, leagues were unsure how involved they wanted to be in the industry, especially given they were on the other side of the aisle in the PASPA court case.
Initially, leagues asked for integrity fees from operators to ensure the sports would not be compromised by betting. Eventually, th standard business agreement for leagues and operators centered around official league data.
Currently, league’s are equally if not more ambivalent about the proliferation of sports-related event contracts from groups like Kalshi and Robinhood.
When the Commodities Futures Trading Commission (CFTC) put out the call for an event contract round table, MLB responded calling for robust integrity measures around the contracts like those around sports betting.
“I’ve seen how powerful prediction markets can be when structured, integrated, and regulated the right way. Kalshi has the potential to unlock in partnership with operators and sports leagues and teams a completely new paradigm – reshaping how consumers and institutions interact with the financial market. I’m thrilled to help lead that charge,” Slane said of her appointment.
Over the course of March Madness, Kalshi generated $400 million in event contract wagers around the basketball tournament.
While leagues have not wholly opposed event contracts, many regulators have made it abundantly clear they are not on board with these financial institutions getting into sports.
A growing list of state gaming regulators have sent cease and desist letters to these operators. Kalshi has sued Nevada and New Jersey regulators, seeking the court to grant them permission to continue operating within the states.
Kalshi’s plans continue to grow and expand, as does its team of advisors. Slane joins Donald Trump Jr., who took on a role as advisor in January. However, they could lose a board member, as Brian Quintenz has been nominated to take over as head of the CFTC.
