'Gruesome' war bets fuel calls for crackdown on prediction markets

Predictions markets have hosted millions of dollars of bets related to the war in Iran.

Utah is enacting laws to ban prediction markets like Kalshi and Polymarket, which allow betting on events such as wars, leading to a legal battle over their regulation.

The death of Iran's Supreme Leader Ayatollah Ali Khamenei has led to backlash against prediction markets Kalshi and Polymarket, which offered bets on his fate, raising ethical and legal concerns.

The Wall Street Journal reports on the controversy surrounding prediction markets that allowed bets on the fate of Iran's Supreme Leader, Ayatollah Ali Khamenei, leading to calls for legislative action to ban such markets.