Are Prediction Markets Gambling? A Lot Rides on the Answer.

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<p>Prediction markets such as Kalshi and Polymarket have gained huge popularity over the past year. These marketplaces allow you to wager on just about anything — whether it’s who will win a football game or the weather in New York City.</p><p>David Yaffe-Bellany, a technology reporter for The New York Times, discusses the legal challenge these platforms now face and how it could determine their future.</p><p>Guest: <strong>David Yaffe-Bellany</strong>, a technology reporter for The New York Times.</p><p>Background reading:&nbsp;</p><ul><li>A <a href="https://www.nytimes.com/2026/08/27/technology/prediction-markets-states-kalshi-polymarket-lawsuits.html" target="_blank" rel="noopener noreferrer">clash between prediction markets and states</a> has set off a furious political battle.</li><li>Donald Trump Jr.’s firm led a <a href="https://www.nytimes.com/2026/08/31/business/polymarket-funding-trump.html" target="_blank" rel="noopener noreferrer">$1 billion funding round for Polymarket.</a></li></ul><p>Photo: Eric Helgas for The New York Times</p> <p><p>For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily"><strong>nytimes.com/thedaily</strong></a>. Transcripts of each episode will be made available by the next workday. </p><p> </p><p>Subscribe today at <a href="http://nytimes.com/podcasts">nytimes.com/podcasts</a> or on Apple Podcasts, Spotify and Amazon Music. You can also subscribe via your favorite podcast app here <a href="https://www.nytimes.com/activate-access/audio?source=podcatcher">https://www.nytimes.com/activate-access/audio?source=podcatcher</a>. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.</p></p><br/> <p>Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.</p>