Prediction market apps: What should you be able to bet on? - What in the World, BBC World Service

Prediction markets Kalshi and Polymarket allow people to make trades against future events - which can range from when the US and Iran might sign a permanent peace deal and sports results, to whether a politician will mention a certain phrase in a speech. These sites have surged in popularity over the past year, hosting more than $44 billion in trades. Click here to subscribe to our channel 👉🏽 https://bbc.in/3VyyriM But they bring up all sorts of ethical questions. Not just war profiteering, but also insider trading. Recently a US soldier was arrested for allegedly using classified information to place bets on the capture of Venezuelan president Nicolas Maduro - before it happened. Reports say he won more than $400,000 from these bets. And there are dozens of lawsuits at the US state level trying to figure out how to regulate these platforms. Minnesota has just become the first state to ban prediction markets. So, why are people betting on things like the weather, elections and global conflicts - and should it be allowed? The BBC’s Madeline Gerber, who’s based in Washington explains. 0:00 Intro 01:32 What some of you think about prediction markets 02:57 How prediction markets work 03:36 Is it like gambling? 05:10 Suspicious bets linked to political announcements 06:23 Betting on the war in Iran 07:47 What do the companies say? 08:33 Kalshi co-founder Luana Lopes Lara 09:12 Will there be a crackdown? Watch more episodes from What in the World here 👉🏽 https://www.youtube.com/playlist?list=PLz_B0PFGIn4eMOlGZclzdcHmv7s8BFQE6 Instagram: @bbcwhatintheworld Email: whatintheworld@bbc.co.uk WhatsApp: +44 330 12 33 22 6 Presenter: Hannah Gelbart Producers: Julia Ross-Roy, Santiago Vanegas Maldonado and Chelsea Coates Video producer: Baldeep Chahal Editor: Verity Wilde ---------------- This is the official BBC World Service YouTube channel. If you like what we do, you can also find us here: Instagram 👉🏽 https://www.instagram.com/bbcworldservice Twitter 👉🏽 https://twitter.com/bbcworldservice Facebook 👉🏽 https://facebook.com/bbcworldservice BBC World Service website 👉🏽 https://www.bbc.co.uk/worldserviceradio Thanks for watching and subscribing! #BBCWorldService #WorldService #polymarket #kalshi #iran