Inside the Multibillion-Dollar Business of Betting on Everything | WSJ The Economics Of

Prediction markets like Kalshi and Polymarket allow traders to buy and sell "event contracts" on the future of nearly anything. The rapid growth of these markets–regulated by the Commodity Futures Trading Commission–has ignited a fierce legal battle with state attorneys general and gambling regulators over whether sports betting contracts should be allowed.

WSJ explains how prediction markets work and what is at stake in the legal battle that threatens the future of the industry.

Chapters:
0:00 The rise of prediction markets
0:32 How they work
1:52 How prediction markets make money
4:22 The regulatory fight with states and Congress
6:15 Insider trading and what’s next

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How do the world's most successful companies generate revenue? In this explainer series, we'll dive into the surprising stories behind how businesses work--exploring everything from Costco's "treasure-hunt" model to the economics behind Amazon's AWS.

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