With prediction markets expected to become a $1 trillion industry in the near future, betting platforms like Kalshi and Polymarket are allowing Americans to bet on real-world outcomes that they may never have been able to before.
For instance, on Kalshi, you can place bets on if Democrats will flip the US House and how many seats they will control, if there will be a recession in 2027, or if the Pittsburgh Pirates will make the playoffs for the first time since 2015.
State Rep. Tarik Khan (D-Philadelphia) is getting ready to introduce bipartisan legislation that would make it illegal for those with insider information to profit from these prediction markets and penalize those who do.
“People are betting on sports, politics, the outcomes of things that Trump may do, and we’re seeing that there are insiders who are gaming the system and making thousands and thousands of dollars. It’s a major problem because people on the inside should not be able to profit from their access to power,” Khan said in an interview.