NEW: We set out to learn who was making money on prediction markets.
We found a small group of sharks feeding on a massive school of fish, including:
> a lifetime problem gambler
> a 31 y.o. in Indiana who lost $5,000 betting on sports
> a Detroit man who now lives in a homeless shelter
Katherine Long
"On Polymarket, the Journal found, 67% of profits go to just 0.1% of accounts. That means less than 2,000 accounts netted a total of nearly half a billion dollars."
A WSJ analysis shows a small number of accounts on Polymarket and Kalshi—often pros using data-driven algorithmic trading—take home most of the winnings.
