Tomorrow is the Preakness Stakes, the second event in the Triple Crown. Betting on horse racing in the U.S. has declined by more than 50% over the last few decades. And while you might think platforms like Kalshi and Polymarket would see opportunity in horse racing bets, they haven't made inroads. Why don’t prediction markets have a horse on that race? We explain. And later, we'll do the numbers on defense lobbying.