Kalshi, Polymarket Take On Stock Options With S&P 500 Bets (1)

The classic way to bet on the direction of the S&P 500 Index is in the options market, buying puts or calls tied to a preset price.

But now, there’s an alternative: placing a bet on Kalshi Inc. or Polymarket, using event contracts that allow rookie investors to make all-or-nothing wagers on stocks and indexes hitting a certain level.

“It simplifies it in a way that everybody can really understand, so it takes out the intimidation factor of the markets,” said Danny Moses, the money manager made famous in The Big Short, and who has promoted Kalshi ...