"Polymarket is a prediction market, a relatively new breed of betting company that has burst on to the scene, particularly in the US, often seducing customers with little previous interest in gambling. Alongside its larger rival Kalshi, Polymarket offers the chance to stake money on everything from the result of last week's Gorton and Denton byelection to whether the US will confirm the existence of aliens before 2027."
"Unlike bookmakers, exchanges and prediction markets pit customers against one another. The exchanges provide the platform for users to bet on multiple markets, such as the outcome of a football match or whether a prime minister will be deposed by June. Punters choose a side of that bet, either backing (betting on) or laying (betting against) the outcome. The exchanges take a commission on the payout."
"Its market on nuclear Armageddon now appears to have been taken down, after widespread distaste circulating online for the prospect of wagering on the deaths of millions of humans."
Prediction markets have emerged as a significant betting phenomenon, particularly in the US, allowing customers to wager on political events, scientific discoveries, and global crises. Polymarket and Kalshi operate as platforms where users bet against each other rather than against a bookmaker, with the platform taking a commission. These markets function similarly to UK betting exchanges like Betfair, which have existed for over 25 years. Users can back or lay bets and trade positions as odds change. Recent controversy arose when Polymarket offered nuclear Armageddon betting during Middle Eastern missile attacks, prompting removal of the market due to public backlash against profiting from potential mass casualties.
Read at www.theguardian.com
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