US election betting markets have been having a moment. Relative newcomers Polymarket and Kalshi are attracting billions of dollars in trades, while the more established PredictIt continues to operate a few markets in the midst of a legal battle with the CFTC.
These markets all function in a generally similar way: bettors can trade shares tied to some specific outcome, such as the winner of the US presidential election. The shares trade at prices between $0 and $1. When the underlying event…
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