The “Last Decision,” as it’s being billed, took $229 million of bets from speculators this offseason and a few cashed in big.
There was seemingly not a whiff of prior knowledge before news broke of James’ decision Friday around 11:30 a.m. ET.
And industry sources believe that played out ideally for sharp computer programmers.
Philadelphia had just a nine-percent chance of landing James, according to Kalshi, at the exact moment James tweeted his intent to join the 76ers.
At exactly 11:30 a.m. ET, accounts flooded in with wagers on an outcome that had already been announced.
One account cashed in huge, with a massive purchase of 26,381.33 contracts at $.09 per contract. This cost just $2,374.32 and profited $24,007.01 in a matter of seconds.
Another account got down 15,000 contracts at the same nine-cent cost per contract, totaling $1,350 and profiting $13,650.
The speed that you would need to make this happen is so quick, so steadfast that industry sources believe computer programmers are at the forefront of these lightning-fast trades.
The CFTC, which regulates Kalshi and other prediction markets, allows bots on the platform to automatically trade for account holders.
It’s an obscene amount of money, though, as inside those few minutes, $21,431.53 was wagered and $122,650 was won on the 76ers before fees on an outcome that had just been announced.
These computer traders likely use the Python programming language and access to the Kalshi API, which allows them to trade instantly, with a trigger defined by breaking news services like ESPN NBA insider Shams Charania and, in this case, James’ personal X account.
Get the lowdown on the Best USA Sports Betting Sites and Apps
The bettors that did wager big on the 76ers after James announced his destination are one thing, but the losers are everyone who followed the movement with the Miami Heat.
The Heat were favored to land James earlier this week, with a better than 50 percent chance to land him, while the Warriors were as high as 70 percent to land James after he announced his Lakers exit.
Why Trust New York Post Betting
Erich Richter is a brazilian jiu-jitsu blue belt but he has a black belt in MMA betting. During the football season he’s showcased massive profits at The Post in the player prop market the last two seasons. While constantly betting long shots, his return on investment is 30.15 percent since 2022.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
