Every day, a newsletter from the prediction market Polymarket hits my inbox with a subject line that could easily come from any number of politics-focused newspapers or magazines. Recent entries include “Houthis Reveal New Precision Strike Capabilities,” “BREAKING: Trump Unveils Green Energy Beam,” and “World War I, 2.0?”
\n\nThese dispatches are roundups with breathless summaries of the day’s top stories, linking out to corresponding Polymarket markets—yes, this thing will happen; no, it won’t. As far as business news analysis goes, the newsletter is not exactly Bloomberg’s Money Stuff, or even Emily Sundberg’s Feed Me—but it’s recognizably a commercial editorial product, and one that plays an important role in the prediction market ecosystem.
\n\nThe industry is currently embroiled in a series of legal battles over whether prediction markets are financial services (the view held by the markets and the federal government) or gambling platforms (the position of many state authorities and regulators). The fight over what kind of companies these are could end up in the Supreme Court, but in the meantime, both Polymarket and its even-more-popular archrival, Kalshi, have successfully positioned themselves as new media organizations too. For two companies associated with risk, it’s a notably old-school hedge.
\n\nAll kinds…
Original source: https://www.wired.com/