'Big Short' Investor Steve Eisman Faces Viewer Backlash Over Kalshi Ad: 'You're Better Than That'

Steve Eisman has built a hugely successful YouTube podcast, attracting around 230,000 subscribers and 22 million views in less than two years. But his latest sponsor, prediction-market platform Kalshi, has sparked an unusually angry reaction from viewers.

The investor made famous by The Big Short promoted Kalshi during Friday’s episode of The Real Eisman Playbook, offering viewers $55 in trading credit for placing $25 in trades.

The response was striking. Criticism of Kalshi dominated the video’s most-liked comments, with viewers calling it a gambling company and urging Eisman to drop the sponsor.

‘Don’t Go on Kalshi’

“Don’t go on Kalshi folks! You will lose money and stress yourself out, just a matter of time,” wrote one viewer, attracting 600 likes as of Monday morning.

“I’m a little disappointed in the Kalshi ad, but thanks for all the great content,” wrote another, receiving 364 likes.

"Oh no they got to Steve Eisman too! Damn you Kalshi!!" wrote a third. "You’re better than that!"

“Big fan of what you do Steve, and am subscribed to you on Substack, but paid promotion from Kalshi is extremely off-putting,” wrote another.

Several viewers said they had unsubscribed or were considering abandoning the podcast.

“I first subscribed when this channel was under 23k subs. Stuck around while the community 10x’d,” wrote one. “I thought Steve was anti-gambling, but everyone has a price. Good luck. Unsubbed!”

The backlash follows a rejection from political podcast Breaking Points, whose hosts said on Oct. 20 they would rather go bankrupt than accept sponsorship money from firms claiming to represent Kalshi.

Is Kalshi Gambling?

Kalshi rejects the gambling label, arguing that it operates a federally regulated financial exchange rather than a sportsbook. Yet sports accounted for more than 90% of its trades in 2025 and generated 95% of its revenue, according to the Ninth U.S. Circuit Court of Appeals.

The World Health Organization warns that gambling can lead to serious financial problems and harm mental health.

Kalshi is fighting several states over whether its contracts violate gambling laws. The dispute escalated on Oct. 28, when Utah filed 14 criminal charges against the company and its co-founders.

Kalshi called the charges a “crazy overreach” and said “Utah is clearly playing politics,” maintaining that federal regulation takes precedence over state gambling laws.

The legal battle could have implications for Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN), which both offer Kalshi contracts to their customers. Robinhood has diversified into other prediction exchanges, while Coinbase is developing its own contracts.

One viewer questioned whether Eisman would recommend prediction-market trading to ordinary investors. The comment attracted 167 likes:

“If you believe that Kalshi is a smart strategy then fine, but that would be a surprise to many and is worth a discussion with your audience.”

Kalshi and Benzinga have an existing data collaboration agreement.

Image: Shutterstock

Eisman did not immediately respond to a request for comment.