What is an event contract?

The official name for a yes/no bet on a real event. Regulators say "swap"; we say "question".

When Kalshi or Fanatics Markets list "Will X happen?", legally that's an event contract, since 2026, federally overseen as a swap in the US. The paperwork is real even when the question is about rain.

On a play-money platform the same object is just… a question. Same mechanics, none of the filings.