Episode 27: Interview With ProphetX Co-Founder Jake Benzaquen

There are endless stories and hot takes about people betting on wildfires…even though no one is actually offering markets on fires. And there are lots of people yelling about betting on drug trials. What exactly is going on? Daniel O’Boyle of InGame breaks that down and all the recent news in prediction markets.

To wit, prediction markets on drug trials made NPR’s All Things Considered:

Kalshi and Polymarket bets on clinical trials criticized as ‘ghastly’: “‘What seemed to be missed in the CEO statements was the fact that there were going to be patients on the other side of these bets,’ said Pederson, who is a humanities professor at Boston University.”

“Bettors will make or lose money based on the success or failure of a clinical trial, a situation Pederson views as horrific.”

I also sat down with ProphetX co-founder Jake Benzaquen (36-minute mark) to talk about the company’s journey to becoming a federally regulated exchange.

Show notes:

Wildfire betting: https://www.merkley.senate.gov/merkley-padilla-shaheen-schiff-rosen-cortez-masto-heinrich-wyden-klobuchar-cftc-must-rein-in-wildfire-bets-on-prediction-markets/

Betting on drug trials: https://www.nytimes.com/2026/07/28/business/kalshi-polymarket-prediction-market-drugs.html

DraftKings Q2: https://www.ingame.com/overlap-draftkings-sportsbook-kalshi-users/

Flutter Q2: https://www.ingame.com/fanduel-flutter-earnings-call-dcm-exchange/

Polymarket + Yankees: https://www.prnewswire.com/news-releases/polymarket-becomes-an-official-prediction-market-partner-of-the-new-york-yankees-302844285.html

Elections + PMs: