"The first time I saw that ICE was investing up to $2 billion in Polymarket, I did a double take. What do the immigration police want to do with a prediction market? I quickly realized the ICE in question was actually Intercontinental Exchange, the parent company of the New York Stock Exchange. That makes more sense, I thought - but also, only slightly?"
"I thought the stock exchange guys were supposed to be the serious ones in the room, helping companies grow and people save for retirement, not teaming up with the guys who let you guess when the US government will admit aliens exist. But thus is reality in the year of our Lord 2025: Americans have a growing appetite for leaving their fortunes to the fates, and businesses are eager to capitalize."
Intercontinental Exchange, the parent company of the New York Stock Exchange, invested up to $2 billion in Polymarket, a prediction-market platform. Americans show a growing appetite for wagering on events, and businesses are moving to capitalize on that demand. Prediction markets allow people to put money on outcomes ranging from elections to natural disasters and have expanded in the United States by exploiting lax federal regulation and legal loopholes. The modern gambling expansion accelerated after the Supreme Court's 2018 decision to strike down a federal prohibition on sports betting. The boundary between gambling and investing has increasingly blurred across crypto, stocks, sports, and everyday events.
Read at Business Insider
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