This story was originally published in On Background with Mark Stenberg, a free, weekly newsletter that explores the key themes shaping the media industry. You can sign up for it here.
In the last few weeks, a handful of premium publishers have inked partnership deals with the two largest prediction markets in the world, Kalshi and Polymarket.
These platforms, whose specific legality remains somewhat uncertain, enable their users to place wagers on the outcome of virtually any event, such as which film will win Best Picture at the Oscars or if the U.S. will strike Iran. They are effectively the spiritual successors of traditional gambling platforms, but dare to ask the question: What if you could bet on everything?
Just as DraftKings and FanDuel did, the duopoly that dominates the prediction market space has sought to advertise its way into legitimacy, striking tie-ups with financial news outlets including Dow Jones, CNN, CNBC, and Yahoo Finance.
