Prediction markets news, research, and summits. "The front page of tomorrow." ๐Ÿ“… NEXTPredict Summit NYC | Oct 22-23, 2026

New York City
๐„๐๐ข๐ญ๐ข๐จ๐ง ๐ŸŽ๐Ÿ“ ๐Ÿ“ฌ If you know it is going to rain, you move the party. You do not insure it. Which means the most valuable forecasts are the ones with no natural hedging demand behind them. A short letter this week, and one big idea.
Article

The better the forecast, the less anyone needs the hedge

A shorter letter this week, and an honest reason why. Last week the whole of NEXT went to Bulgaria. It was our first company trip abroad and the first time our international team had all been in the

2
5
394
15 speakers confirmed last week. 91 total. Strongest week yet ๐Ÿ“ฌ Among them: the Co-Chief of SDNY's Securities and Commodities Fraud Task Force, and the Morgan Stanley analyst who covers DraftKings. Edition 04 of The Prediction Markets Letter.
Article

Some of the volume is bought, not grown

Nineteen conversations outside the building, and two of them contradicted things we have been saying for a month. A researcher working on the microstructure of these markets gave us the most

1
1
406
A market maker prices risk and provides liquidity. Owning the customer relationship is not part of that job. So who is left on the other side of the trade? Edition 03 ๐Ÿ“ฌ six things we heard last week.
Article

Everyone got sharper. Who is on the other side?

Twenty conversations with people outside our business, and the same asymmetry kept turning up. We spent last week talking to trading infrastructure, market data, post-trade operations, corporate risk,

3
866
"We see a lot of interest from institutions. The question is whether it is actionable." One of the largest market makers in the world, trading $10bn to $15bn a day. That gap is the whole story right now. 33 conversations, six things we heard.
Article

Interested, but not actionable yet

What 33 conversations in one week told us about who is really coming, and when. We spoke to 33 people in this category last week. Exchanges, market makers, banks, regulators, founders, press. Nearly

3
7
1,553