What do frat boys, nepo babies and the Super Bowl have in common? Prediction markets. Wall Street Journal investigative reporter Katherine Long tells us how information from Jeff Bezos's stepson sparked a bet worth nearly a million dollars, and how a rumor loosely tied to Mark Wahlberg's daughter sent $24 million into a single market. And why college kids are betting in the first place.
Kalshi and Polymarket have been quietly making themselves at home on college campuses, paying fraternities for new sign-ups, handing out branded beer pong sets, and recruiting influencers to spread the word. The pitch to students: this is just a fun way to make money off what you already know. With over $10 billion in monthly trading volume and almost no regulatory oversight, Polymarket and Kalshi are no longer a niche corner of the internet.
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