Ryan Isakow, author of the No Dumb Ideas substack, dives into the intriguing history of prediction markets, focusing on 1500s Rome where betting on papal elections was all the rage. He reveals how social dynamics and insider info played into the gambling scene. Isakow discusses the implications of these markets for modern decision-making and the evolving relationship between politics, religion, and betting. Plus, he touches on how today's prediction markets echo those past practices, raising ethical questions about accountability and misinformation.