Prediction markets, which allow people to trade on event outcomes, entered the U.S. at scale last year and are now being used to track everything from geopolitics to entertainment award winners. But what are they?

A pattern tends to emerge during major news cycles. A big event — like the 2024 election, or the Super Bowl, or March Madness — dominates headlines, and by extension prediction…

Prediction markets, which allow people to trade on event outcomes, entered the U.S. at scale last year and are now being used to track everything from geopolitics to entertainment…