The prediction market bubble is already here

Getty Images; Alyssa Powell/BI

Prediction markets are everywhere right now. The Golden Globes! The Oscars! The airwaves! For the Super Bowl, people can use prediction markets not only to wager on the outcome of the big game but also on which commercials will run and what song Bad Bunny will play first. Sportsbooks, media companies, and even traditional investment entities seem to want to get in on prediction market action. The enthusiasm makes sense given how industry boosters talk about these markets.