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Hello and welcome to Decoder.

I'm Nealai Patel, editor-in-chief of The Verge, and Decoder is my show about big ideas and other problems.

Today, let's talk about prediction markets, which continue to insert themselves into the news cycle and the news in increasingly weird, unsettling, and potentially illegal ways.

My guest today is Liz Lapato, a senior reporter here at the

Verge who owns what we cheerfully call the chaos beat. Liz has been writing a lot about prediction

markets lately, and especially why they all seem so intent on being perceived as sources of news,

a position which directly incentivizes insider trading, which in turn creates a long list of very predictable problems.

...