The Brian Lehrer Show Betting On Everything
Jan 13, 2026
Jonathan Cohen, a gambling historian and author of Losing Big: America's Reckless Bet on Sports Gambling, dives into the intriguing world of prediction markets. He highlights their explosive growth since the 2016 election, raising questions about the normalization of betting in our daily lives. Cohen discusses the risks associated with weak regulations, privacy concerns, and potential insider trading. He also explores how gamification can skew our perception of news and politics, emphasizing the need for consumer protection in this rapidly evolving landscape.
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Prediction Markets Go Beyond Sports
- Prediction markets let people bet on everything from songs at the Super Bowl to political events, extending far beyond sports.
- Sports still dominate (≈90%), but new unregulated markets raise novel questions about outcomes and oversight.
High-Stakes Personal Bets
- Jonathan Cohen jokes about a $25,000 bet he placed on the Finnish election to illustrate personal involvement in these markets.
- The remark signals how seriously some users treat prediction markets as high-stakes venues.
User Example: Missed Signals And Anonymity Risks
- A caller describes using Kalshi and seeing prediction markets during the Golden Globes and mayoral odds that missed key developments.
- He also warns about easy anonymous accounts allowing potential insider advantage via VPNs and crypto wallets.
