Natalie Kietroweth

Am I right to think that these markets went from being quite marginal to suddenly being at the forefront of a lot of cultural and political events?

The gaming industry is calling this a groundbreaking decision that will revolutionize the gambling business.

Right, this was a huge moment.

DraftKings announcing that it will enter the legal betting atmosphere throughout states that choose to legalize it.

OK, so that SCOTUS decision mostly affected sports betting, it sounds like.

What did it mean then for prediction markets?

Okay, so tell me the story of Copeland founding this company.

What's his idea for it in the beginning?

Interesting.

It sounds like he's thinking that these could be more accurate sources of information than traditional media, in part because it's crowdsourcing.

So Copeland is not just thinking of turning the whole world into some kind of virtual casino here.

He's imagining this as a tool for revealing things about the world, for gathering and disseminating information.

Absolutely.

Okay, at this point, I feel like we need to understand exactly how this market works, how the betting works.

Can you walk me through that?

An event contract.

It's relatively cheap to buy that contract because the universe of bettors thinks it's relatively unlikely that this will happen.

Right, the ask for forgiveness, not permission style of operating.

And why does Copeland agree to that?

I mean, that sounds like a potential death knell for a company like this.