Despite the obvious problems and the potential for catastrophic scams and insider trading, prediction markets like Kalshi and Polymarket are booming right now.
Less concerned with truth and integrity than with engagement and profit, they’ve taken full advantage of guardrail-less social media platforms and even started partnering with legitimate professional athletes, creating a whole host of potential problems.
Professional sports leagues initially came out guns blazing against prediction markets, but as tends to happen, some have softened their stances as the money started flowing. The same goes for sports outlets and media companies, who are easy prey given the state of play in the journalism and media industries.
There doesn’t seem to be a line that prediction markets won’t cross, including attempts to partner directly with actual journalists.
Former ESPN MLB writer Joon Lee went out on his own, announcing that he’d started an independent sports journalism YouTube channel last year. It’s a role that has become all too common and, unfortunately, necessary as the deinvestment in journalism continues to spread. It’s also the ideal situation for a company like Kalshi to swoop in, secure Lee as a partner, and leverage his audience and reporting to generate bets.
That’s what Lee says they tried to do after he’d posted a clip on X that was critical of Kalshi CEO Tarek Mansour, who had a hard time explaining why someone who watched Super Bowl halftime show rehearsals and then bet on it would not be considered insider trading.
On Squawk Box, Kalshi CEO Tarek Mansour struggles to answer why a Bad Bunny dancer — who watched rehearsals — betting on the Halftime Show predictions markets would not be considered insider trading.
Sports was estimated to be 90% of betting on Kalshi during the NFL season. pic.twitter.com/4fautTxZhs
— Joon Lee (@joonlee) February 10, 2026
After Lee shared the clip on February 10, he posted a screenshot of an email from a Kalshi representative on February 11 asking whether he would like to collaborate. He also shared why he decided not to accept the offer.
“Sports only works if fans believe what they’re watching is real—and not distorted by financial incentives tied to betting volume,” wrote Lee on X. “The moment the same people covering, playing in, or shaping sports can profit directly from betting activity, trust erodes. Fans are asked to participate in a system where they’re structurally at an information disadvantage. I’m building a sustainable media business, but not one where revenue depends on fans losing money or betting against insiders.”
It’s hard to know whether the offer was extended to tamp down Lee’s criticisms or was just coincidental, but it almost doesn’t matter. As creator Kofie Yeboah wrote, “If your favorite sports creator hasn’t been doing Kalshi/Polymarket sponsorships It’s definitely not because they haven’t been offered.”
Prediction markets didn’t need much emboldening, but they received some on Tuesday when Mike Selig, the Trump-appointed chairman of the Commodity Futures Trading Commission (CFTC) said it will go to court to protect the legality of prediction markets. Curiously, Selig did not mention that a substantial amount of predictions placed on those markets are sports and failed to note that Donald Trump Jr. is an investor in Polymarket and a paid advisor to Kalshi.
About Sean Keeley
Along with writing for Awful Announcing and The Comeback, Sean is the Managing Editor for Comeback Media. Previously, he created the Syracuse blog Troy Nunes Is An Absolute Magician and wrote 'How To Grow An Orange: The Right Way to Brainwash Your Child Into Rooting for Syracuse.' He has also written non-Syracuse-related things for SB Nation, Curbed, and other outlets. He currently lives in Seattle where he is complaining about bagels. Send tips/comments/complaints to sean@thecomeback.com.