Netflix launched a documentary called Instadocs: The Prediction Games, and just one day after it went live it was sued by Kalshi for defamation and false allegations

The documentary is short—only 36 minutes—so you can go check it out. It talks about two major players: Polymarket and Kalshi
It describes traders who make money specifically by profiting from prediction markets. But whose money are they making?
They’re making money off those 19-year-old teenagers who place orders without thinking—people who casually buy lottery tickets
Yes—you place an order, and the counterparty is a mathematician from Virtus Capital (one of the world’s largest independent quantitative trading and ETF market makers). They usually recruit talent from the International Olympiad
It also describes a reporter who is responsible for writing news about Israel’s military. In the end, he received threats to his safety—the people threatening him were those who bet in prediction markets about when Iran would attack Israel
Anyway, the whole documentary is pretty interesting. The founders of these two prediction markets are one 27 and one 29—they’re really young and accomplished