Polymarket’s Next Bet? It Can Also Be a Media Company

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Every day, a newsletter from the prediction market Polymarket hits my inbox with a subject line that could easily come from any number of politics-focused newspapers or magazines. Recent entries include “Houthis Reveal New Precision Strike Capabilities,” “BREAKING: Trump Unveils Green Energy Beam,” and “World War I, 2.0?”

These dispatches are roundups with breathless summaries of the day’s top stories, linking out to corresponding Polymarket markets—yes, this thing will happen; no, it won’t. As far as business news analysis goes, the newsletter is not exactly Bloomberg’s Money Stuff, or even Emily Sundberg’s Feed Me—but it’s recognizably a commercial editorial product, and one that plays an important role in the prediction market ecosystem.

The industry is currently embroiledin a series of legal battles over whether prediction markets are financial services (the view held by the markets and the federal government) or gambling platforms (the position of many state...

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