Prediction market bettors are the new political pundits. Why are we listening to them? | Judith Levine

Sites like Kalshi and Polymarket offer faux populism as elites reap the benefits - and voters risk being misled

Online betting is a bit like Donald Trump.

The prediction markets - platforms where users bet on whether events will occur - pretend to be populist, pushing the nabobs aside and representing the wisdom of the crowd". This data is bottom-up, not elites-driven," a Kalshi spokesperson told Reuters. But in fact, the markets are controlled by a few, skillful traders.