100% margin contains leverage, but “no position limits” on $1 combinatorial contracts turns Polymarket US into a correlation venue, not just a yes/no sportsbook clone. Multi-leg markets are where retail buys clean narratives and market makers harvest bad independence assumptions, especially once sports, politics, and macro outcomes start getting bundled. If event-contract ETFs clear, the moat shifts to distribution and settlement data: Kalshi has the regulated DCM brand, Polymarket has crypto-native liquidity, and ETF issuers get to abstract the messy stack behind a ticker.

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