Prediction Markets Are Hot. But Can They Avoid Becoming Casinos?

Prediction Markets Are Hot. But Can They Avoid Becoming Casinos?

Prediction markets are having a moment. Kalshi—the largest licensed operator in the space—was valued at $22 billion earlier this year. Polymarket, Kalshi’s largest competitor, which operates in a legal gray area in the United States, is probably worth about $15 billion. The wealth-management firm Bernstein projects that the total volume of contracts traded on the markets will hit […]