What Do Prediction Markets Want to Be?
Prediction markets like Kalshi and Polymarket are facing increased scrutiny as they move into the mainstream and deal with regulatory challenges regarding gambling and insider trading. The article examines the tension between these platforms' claims of being 'digital oracles' and their functional similarities to betting markets.
Why it matters
The rapid growth of prediction markets raises significant questions about financial regulation, the ethics of betting on real-world events, and the potential for market manipulation.
The crackdown on insider trading has exposed the platforms’ fundamental contradictions.
Alex Kent / The Washington Post / Getty September 2, 2026, 6:59 PM ET Share Save This is an edition of The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here.
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