Prediction markets boom amid legal and cultural debate

Prediction markets are drawing millions, from livestreamer Joel Holsinger, who quit his job and says he nets about $3,000 a week on Kalshi, to investors backing rivals like Polymarket. Kalshi's founders tout a federally regulated exchange that called the 2024 presidential race early and showed odds in the 90s in New York's mayoral contest, even as states like Massachusetts call its sports markets unlawful wagering. With most non-election money on sports, critics such as author Jonathan Cohen call it gambling, not investing, and warn of a rising 'gamblification' of American culture.