The Bad "Bet"

Or the very good bet, depending on how you think about it. In this episode, we start by discussing the strange, fast-moving world of prediction markets — platforms where you can bet real money on whether a head of state gets removed from power, whether a country gets invaded, whether the Fed raises rates — and where the prices themselves are supposed to be the point, a real-time probability signal generated by the crowd. Then we get to the case that just blew a very large hole in that theory: a Polymarket account called "Burdensome-Mix" that turned $33,000 into $409,881 in about a week, betting on the removal of Venezuelan President Nicolás Maduro — and the active-duty Green Beret who allegedly made those trades while participating in the raid that made them pay out. Learn more about your ad choices. Visit podcastchoices.com/adchoices