How Are Kalshi and Polymarket Worth Billions Without a Gambling License? | WSJ The Economics Of
The Wall Street Journal • 2026-05-30T14:30:04Z • 7:44:00 • intermediate • Business
Lead
Curious about how platforms like Kalshi and Polymarket are making waves in the betting world without traditional gambling licenses? Let's dive into the fascinating world of prediction markets and their billion-dollar valuations!
Video
Quiz
0/5 answered • 0 correct
Choose an answer.
Choose an answer.
Choose an answer.
Choose an answer.
Choose an answer.
Vocabulary
Tap a card to flip. Use the heart to save favorites.
prediction
/prɪˈdɪkʃən/
Speaker: pronunciation • Heart: favorite
Definition
A statement about what will happen in the future.
Example
The prediction of rain led us to carry umbrellas.
Tap to flip back
liquidity
/lɪkˈwɪdəti/
Speaker: pronunciation • Heart: favorite
Definition
The availability of liquid assets to a market or company.
Example
High liquidity in the market allows for easier buying and selling of assets.
Tap to flip back
contract
/ˈkɒntrækt/
Speaker: pronunciation • Heart: favorite
Definition
A written or spoken agreement, especially one concerning employment, sales, or tenancy.
Example
She signed a contract to finalize the sale of her house.
Tap to flip back
regulatory
/ˈrɛɡjʊˌleɪtəri/
Speaker: pronunciation • Heart: favorite
Definition
Relating to the control or supervision of an activity or industry by rules or laws.
Example
The regulatory body oversees compliance with industry standards.
Tap to flip back
insider
/ˈɪnˌsaɪdər/
Speaker: pronunciation • Heart: favorite
Definition
A person within an organization who has access to confidential information.
Example
The insider trading scandal led to several arrests.
Tap to flip back
manipulation
/məˌnɪpjuˈleɪʃən/
Speaker: pronunciation • Heart: favorite
Definition
The action of controlling or influencing something in a skillful but often unfair or deceitful way.
Example
The manipulation of stock prices is illegal and unethical.
Tap to flip back