Colby Cosh: Coming soon to the news — betting on real life |
CNN's partnership with prediction market Kalshi will bring on a new kind of insider trading
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Possible historic landmark whizzing past your window dep’t: early Wednesday morning, CNN announced that it is entering into a branding partnership with Kalshi Inc., one of the two leading companies in the emerging business space of “prediction markets.” Kalshi is an exchange, more or less exactly like a stock exchange or a betting market: it’s a place where you can bet on quantifiable outcomes of a very general variety of future events. It has become a market leader, and apparently worthy of the attention of CNN, by pursuing a strategy of legality and regulatory housebrokenness. It’s chartered in the U.S. and is subject to the American legal rules of commodity exchanges (after suing, with tentative success, to be recognized as such).
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Unlike commodity exchanges, you’re not limited on the Kalshi exchange to speculating on a delivery price of frozen orange juice or a barrel of oil: you can bet on the next Trump cabinet member to quit, on measles prevalence in the U.S. on a........