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Midterms: Prediction Markets Gain Legal Ground and Attention
In 2024, election contracts became legal in the U.S. only a month before the presidential vote. Platforms like Kalshi have grown significantly, with combined monthly trading volume on prediction markets doubling from $26 billion in May to $53 billion in July. Kalshi's Midterms Hub, launched in June, puts traders' odds for individual races alongside polling averages. Chuck Todd, the former NBC News political director, hosts NEXTPredict two weeks before the vote, featuring working reporters alongside exchanges.