Prediction market bettors are the new political pundits. Why are we listening to them? | Judith Levine
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”.
Key points
- But in fact, the markets are controlled by a few, skillful traders.
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.
“This data is bottom-up, not elites-driven,” a Kalshi spokesperson told Reuters.
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