Before Kalshi and Polymarket there was the Iowa Electronic Markets
24 June - 22 mins
Podcast Series
Planet Money
Prediction markets aren’t new. Election betting was common until the 1940s, then mysteriously faded away.
There was an entire political era when party bosses were expected to conspicuously gamble on their candidates (even if they secretly hedged).
And in the 1980s, a few economists designed an election market that beat out election polling 74 percent of the time.
Today, we’re running an excerpt from our friends at Throughline, NPR’s excellent history podcast. Subscribe right now if you don’t already. And, listen to their extended version of the episode to hear about the early markets for betting on terrorism and military uses of prediction markets.
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