Suppose a person wanted to place a risky bet during the NBA Finals but lived in a state that illegalized sports gambling. Traditionally, this gambler might turn to the neighborhood bookie, but newer apps like Kalshi allow users to “trade” money for contracts in any state. (Kalshi, Instagram). Normally, states regulate sports gambling and decide whether to legalize or prohibit it, but prediction markets such as Kalshi and Polymarket are challenging this framework. (Ben Blatt and Amy Fan, NYT). Prediction markets offer products that forecast, plan for, and hedge future events, with the contract’s “price” reflecting traders’ perceived probability of an event’s outcome. (CFTC). This post examines the rise of prediction markets into a multi-million-dollar industry, their growing political influence, and the states’ struggle to regulate this industry.
Read MoreOn October 14, 2025, Stellantis, the Dutch-headquartered automaker whose brands include Jeep, Dodge, Chrysler, and Ram, announced that it would invest $13 billion into the United States, focusing on four states with existing facilities: Illinois, Ohio, Michigan, and Indiana. (Stellantis). Stellantis plans to expand the facilities’ capabilities to produce new products for the company by growing U.S. production by 50%, launching five new vehicles along with 19 product actions, and adding more than 5,000 jobs across the four states. Id. Stellantis calls the investment the largest in its 100-year history. Id. This post will examine the logistics of the plan, its controversy within Canada, and its signaling of wider macroeconomic shifts.
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