Finally, John Oliver pours Last Week Tonight's resources into prediction markets segment
Beyond the ethics of gambling on life-or-death events, the biggest prediction markets look like hotbeds of insider trading.
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Over the past few months and years, prediction markets like Polymarket and Kalshi have begun spawning practically everywhere: Award shows, sporting events, news channels. These companies have touted themselves as resources but, as John Oliver discusses in last night’s Last Week Tonight, they are dubiously legal and full of people trying to profit from instability. “These companies’ insistence that they are not gambling platforms is actually one of the two more irritating claims that they tend to make. The other is that they’re actually incredibly important to society because they can help us more accurately predict the future,” says Oliver. But it seems more like they’re helping people profit from instability, and, as Oliver quips, “The only groups that society has decided are allowed to profit from instability are military contractors, members of the Trump family, and the Mormon wives.”