Prediction markets like Kalshi and Polymarket are making it possible for just about anyone to profit off war.

This episode was produced by Hady Mawajdeh, edited by Amina Al-Sadi and Jolie Myers, fact-checked by Andrea López-Cruzado, engineered by Patrick Boyd and David Tatasciore, and hosted by Sean Rameswaram.

A betting page on Kalshi about Iran closing the Strait of Hormuz. Photo by Samuel Boivin/NurPhoto via Getty Images.

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