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Here's your money briefing for Wednesday, February 5th. I'm Arianna Aspuru for the Wall Street Journal.

The platforms that let users bet millions on the outcome of the 2024 election are offering contracts

based on major events like the Los Angeles wildfires. Prediction markets are now testing the

limits of what they can get away with.

Day will offer you a chance to bet on economic policies.

Is the Fed going to cut interest rates?

Or who is Trump going to appoint such a cabinet position?

Will that person get confirmed by the Senate?

There is also pop culture markets.

For instance, you can bet on the Oscars.

We'll talk with Wall Street Journal reporter Alexander Ossipovich about what you should know before placing a bet after the break. The line between sports betting and financial markets is becoming increasingly blurred with the growth of prediction markets.

Wall Street Journal reporter Alexander Ossipovich joins me.

Alexander, prediction markets have surged in popularity last year with the presidential election, but just how popular were they?

They're still much smaller than general trading in the stock or options market, but they

are growing. They have a tendency to get a lot of attention during elections. In particular,

there's this one big offshore crypto-based prediction market platform called Polymarket

that was doing billions of dollars in monthly volume during the election

...