Prediction markets have moved from fringe betting circles to the center of the news industry. Kalshi and Polymarket have signed partnerships with major outlets including CNBC, CNN, Fox News, the AP, Substack, and Dow Jones in recent months. These platforms, which let users trade money on the outcomes of real-world events, are increasingly presenting themselves as news providers, borrowing language like "BREAKING" and "JUST IN" from traditional journalism.

Wired senior writer Kate Knibbs has established herself as one of the first dedicated prediction markets reporters at a major publication. She sees the trend as an extension of the crypto boom and a "future of money story" tied to broader financial precarity in American culture. Independent journalist Dustin Gouker, who runs the focused newsletter Event Horizon, uses custom dashboards connected to Kalshi's API to track trades and spot notable market movements.

The intersection of journalism and prediction markets raises ethical red flags. Knibbs worries about "the first big journalist insider trading scandal" given the information asymmetry reporters face. This week, ProPublica updated its code of conduct to ban journalists from placing bets on news events. Donald Trump Jr. sits on advisory boards at both major platforms, adding another layer of complexity to coverage of these rapidly evolving markets.