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Podcast: Faith and Economics
Episode: Betting Markets Make the News Better? | #373
Description: What happens when real-money prediction markets enter mainstream news? In this episode, Russ McCullough and Peter Jacobson unpack CNN’s new partnership with Kalshi, exploring whether market-driven forecasts can sharpen election coverage or introduce new bias. They discuss how prediction markets impose a “bias tax,” why donor manipulation is costly and difficult, and how historic wagers—from Soros to Julian Simon—show the power of accountable predictions. The conversation compares prediction markets with gambling and stock trading, examines regulation and insider concerns, and considers AI’s forecasting pitfalls. Ultimately, they ask: Can markets push journalism toward more honest, falsifiable reporting?