Prediction Markets - Just a New Wrinkle for Betting on Legal Outcomes
Thanks to the creation of platforms such as Polymarket and Kalshi it's now possible to bet on the outcome of jury trials. The Wall Street Journal reports on the wagering for the Lindsay Clancy murder trial. Of course, that generates plenty of issues about ethics, insider-trading kind of sharing of information among family members and the integrity of the whole justice system. But, the reality is that prediction markets are only a new wrinkle on the almost infinite type of betting that takes place in the legal sector. For example, I recall an article by David Sanford of Sanford Heisler explaining the criteria for the law firm's accepting a case. That's about betting that it could achieve a positive outcome. Sure, the firm tends to be altruistic. But come on, it's a business. In addition, the firm has a branding for wins to protect. Some may recall how much had been at stake in 2011 when the class action "concussion" lawsuit was filed against the NFL. Shou...