Parker Bach

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At their best, prediction markets aggregate collective intelligence to weigh the likelihood of future events. Fairfax Media/Getty Images

How polling failures, gambling legalization and political gridlock paved the way for the explosive rise of prediction markets

Parker Bach, University of North Carolina at Chapel Hill

While media outlets are signing deals with Polymarket and Kalshi for their insights into the wisdom of crowds, gamblers are pouncing on opportunities to wager on geopolitics and celebrity weddings.

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