In prediction markets—federally approved betting platforms—the conflicts of interest are blatant. Some may call it run-of-the-mill, in-your-face corruption. Much of the investigative journalism on these platforms is quickly becoming moot. Sure, it can be interesting and useful to learn the sordid details on how these new betting sites operate and the scandalous

As state governments across the country scrutinize prediction markets such as Polymarket for allegedly operating illegal sports gambling, the nascent industry responds with high-profile revolving-door lobbyists and free grocery stores. I visited Polymarket’s now-shuttered grocery in Lower Manhattan, New York City. It was a brisk, sunny afternoon. Dozens of people queued on