Are Prediction Markets Gambling? A Lot Rides on the Answer.

Prediction markets such as Kalshi and Polymarket have gained huge popularity over the past year. These marketplaces allow you to wager on just about anything — whether it’s who will win a football game or the weather in New York City. David Yaffe-Bellany, a technology reporter for The New York Times, discusses the legal challenge these platforms now face and how it could determine their future. Guest: David Yaffe-Bellany, a technology reporter for The New York Times. Background reading: A clash between prediction markets and states has set off a furious political battle. Donald Trump Jr.’s firm led a $1 billion funding round for Polymarket. Photo: Eric Helgas for The New York Times For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Subscribe today at nytimes.com/podcasts or on Apple Podcasts, Spotify and Amazon Music. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.