Prediction markets gamify politics, and the house will keep winning |
In the days leading up to the arrest of Venezuelan President Nicolás Maduro, a user on the predictions market website Polymarket made nearly $33,000 worth of bets. After U.S. servicemembers conducted the military operation that led Maduro and his wife to be taken to New York City to be tried for narco-terrorism, the user’s fortune had grown to more than $436,000.
Who’s behind the account is unclear – if they’re someone with knowledge of the situation in Venezuela before news outlets were covering it, or if they just had an extraordinary stroke of luck. The user’s profile says they joined in December 2025 and placed bets on four positions.
What is clear, however, is that prediction markets like Polymarket and Kalshi are becoming a regular fixture in the United States. These sites swear they aren’t gambling – they’re simply offering people the opportunity to buy futures contracts, according to their leadership. However, it sure seems a lot like betting. You can buy futures contracts for anything – from sports to politics, crypto prices to awards shows. You can use these websites in all 50 states – even those that have outlawed gambling.
People bet