Election betting on prediction markets apps is set to boom ahead of midterms Online prediction markets, like Polymarket and Kalshi, were under intense scrutiny in the Biden administration. Under federal law, “gaming” is a prohibited type of futures contract — something that is now being litigated in numerous federal courts. “Letting each state regulate [prediction markets] differently would plainly frustrate Congress’s aim of bringing futures markets ‘under a uniform set of regulations. They quit their day jobs to bet on current events: A look inside the prediction market Prediction market apps are thriving in President Trump’s second term, with traders betting on everything from migrant deportations to election outcomes. The president’s social network, TruthSocial, is also planning to launch its own prediction market service.