Half of ‘long shot’ Polymarket bets on military action are successful
High rate of winning wagers likely to add to concerns that sensitive information can leak on prediction markets
High rate of winning wagers likely to add to concerns that sensitive information can leak on prediction markets

As new bettors flock to platforms such as Kalshi and Polymarket, some make easy prey for trading firms and professional gamblers

Insider bets, low liquidity and regulatory gaps complicate efforts to turn wagers into financial tools

FT analysis identifies 12 accounts on platform that made large well-timed wagers just ahead of start of conflict

Value of bets soars from $100mn to $13bn a month

They offer a troubling opportunity to manipulate public perceptions of the outcome of political events

Fights over regulation could reshape the US federal system of government