News Summary

• So-called prediction markets like Kalshi and Polymarket embed themselves in every aspect of our daily lives.
• Celebrities from LeBron James to Sydney Sweeney have inked lucrative deals with prediction platforms.
• The Trump family is deeply embedded in these platforms’ success; Donald Trump Jr.’s VC firm just became a lead investor in Polymarket.
• But what actually is a prediction market, and what separates it from online sports betting platforms like DraftKings or FanDuel?
• This week on The Intercept Briefing, Kate Knibbs breaks down the battles to define prediction markets.