On Wednesday, Substack announced new features that allow writers to embed Polymarket data directly into their newsletters and in Notes.
Substack had previously introduced Polymarket embeds in 2024, but the new partnership allows writers to search for and add prediction markets data through the Substack Editor. The Peter Thiel-backed Polymarket has also joined Substack’s sponsorship pilot program, “supporting a cohort of creators who integrate these tools into their work,” Substack cofounder and CEO Chris Best wrote.
“Journalism is better when it’s backed by live markets,” Polymarket wrote in a post on X announcing the partnership.
That’s not a sentiment shared by everyone.
Prediction markets are, essentially, gambling platforms. The marriage of gambling and journalism is the kind of thing that was unthinkable just a few years ago. Now, it seems, it’s being encouraged.
“This is a bad idea. It is a very, very, very bad idea,” wrote Brian Mortiz on his Sports Media Guy newsletter on Substack. “It is the kind of thing that could have long-term negative repercussions on online sports journalism. It strikes at the heart of the production of ethical sports journalism.”
Mortiz explains that the situation carries with it signifigant risks to the ethics of journalism, especially in the sports media realm, where prediction markets are making most of their money.
“In this space, one of the biggest potential ethical landmines has been the possibility of insider trading,” he writes. “The idea that a sports journalist could place a bet on something they learn before reporting it. Or that they could write something to deliberately shift the betting lines. This was the core of the Shams Charania scandal from the 2023 NBA Draft that inexplicably disappeared from the discourse really quickly.”
Mortiz is referring to concerns that the ESPN NBA insider, who partnered with FanDuel, could have influenced betting lines with his pre-draft reporting. In the same vein, what would be to stop a reporter from reporting fake information in order to move a prediction market and then place an advantangous bet?
It’s the same argument people made about Milwaukee Bucks star Giannis Antetokounmpo who recently invested in Polymarket rival Kalshi. It would be incredibly simple for him to, for instance, play up a trade demand and then bet according to what he knows will happen.
Mortiz, who has been sounding the alarm on the potential for sports betting journalism scandals for a while, was far from the only media member to raise concerns over the arrangement and the way Substack was selling it to writers.
Thanks Substack, I hate it.
— Dave Karpf (@davekarpf.bsky.social) February 18, 2026 at 12:25 PM
“Journalism is better when it’s backed by live markets” is a sentence you expect to read in the opening montage of a dystopian film about the end of journalism
— David Chen (@davechen.bsky.social) February 19, 2026 at 11:03 AM
Gambling produces better journalism certainly is a take. https://t.co/sm9sTpGbTY
— Björn Jeffery (@bjornjeffery) February 18, 2026
What does “Journalism is better when it’s backed by live markets” even mean? https://t.co/HqOCqYVquK
— Zito (@_Zeets) February 19, 2026
This is disappointing. Either (1) Substack got paid for a gambling partnership, which is a massive sellout for a company that preaches creator-friendly business models, or (2) they genuinely believe that more gambling in journalism is good, which is just dumb. https://t.co/aF5SgSAXje
— jihad (@jaesmail) February 19, 2026
The Substack-Polymarket partnership isn’t new. In fact, it’s part of a larger trend of media companies entering into partnerships with prediction markets (Sports Illustrated’s SI Predict, CNN named Kalshi its “official partner,” and Dow Jones recently partnered with Polymarket).
There’s a reason major media outlets are reassigning reporters to cover prediction markets. They see how massive they’re becoming, as well as how big the crashout is going to be when they inevitably cause a demonstratively bad outcome driven by grift or greed.
It’s hard to say anything is “better by live markets,” let alone journalism. But ethics don’t stand a chance against prediction markets. At least not right now.
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.