Voters, donors and media increasingly use the betting platforms Kalshi and Polymarket to forecast election outcomes. Critics warn of new risks to democracy. Prediction markets have soared in popularity following a landmark 2024 court victory for Kalshi Inc., a leading platform.

In short order, they have become an influential tool for predicting elections. A growing number of media outlets feature real-time market odds in their coverage, and several have entered deals with Kalshi or Polymarket, another major platform.