Extra: Innovation or Insider Trading? Weighing the Rise and Risks of Polymarket
Online gambling continues to grow in popularity, but it’s no longer just about wagering money on your favorite teams.
Prediction markets like Polymarket allow users to bet on the outcomes of real-world events, from elections to global conflicts. However, their rapid growth is raising new questions in Washington as U.S.-based versions roll out. Lawmakers are warning that government insiders could be using non-public information to profit on these platforms, following high-profile trades tied to major political developments.
Chris Giancarlo, former chairman of the Commodity Futures Trading Commission and a member of Polymarket’s advisory board, recently joined the Rundown’s Jessica Rosenthal to explain how these platforms work and why they tend to be so accurate when predicting world events.
During the conversation, Giancarlo addresses concerns over privacy and the ethics of officials profiting from policy secrets. He also weighs in on the anonymous bettor who reportedly won $400,000 predicting the U.S. capture of Venezuela’s Nicolás Maduro–a windfall that sparked outrage on Capitol Hill.
We often have to cut our interviews short during the week, but we thought you might like to hear the full conversation. On today’s Fox News Rundown Extra, we share our entire interview with former CFTC Chairman Chris Giancarlo for a deeper look at the world of Polymarket.
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