Neal Freiman

And that's been a huge criticism of Polymarket and Kalshi.

But diving into this analysis, it's pretty stark.

And yes, we should remind you that Kalshi did push back on this data.

But the report from Citizens showed that the median prediction market wallet lost about 7% of the money wagered in the first 90 days of activity, compared with a 1% loss on other forms of gambling.

And one sector of the prediction market that I want to call your attention to for the Super Bowl specifically is not the players on the field.

It's actually the announcers in the booth.

The NFL announcer mention markets are popping off this year.

Basically, they are wondering whether certain phrases will be spoken on air.

And you can bet on this.

Phrases like Taylor Swift, what a catch, concussion protocol, roughing the password.

These all have their own little markets set up there.

And we have seen this in the financial world already where what people will say on earnings calls is bet upon.

Brian Armstrong, who's the CEO of Coinbase, literally read the list out loud.

He pulled up the Polymarket list for what words people think he would say and read them all.

So talk about like insider trading.

Yeah.

Yeah, what's stopping it from just saying, hey, minions, go put $100,000 in all these works?

It's exactly the criticism of it.

And so now that is infiltrating into the sports world as well.

People don't like that you can just decide market outcomes in real time with one single person.