Election wagers have long been banned in the United States. But for a brief period on Thursday, a regulated prediction market was permitted to offer them to Americans.

As pundits were sharing sometimes wildly different takes on how Kamala Harris and Donald Trump performed in Tuesday’s presidential debate, traders were putting money on which candidate would win the election. Those bets also told a story about the debate: On both PredictIt and Polymarket, two so-called prediction markets, the odds were swinging toward Harris.

Screenshots of the markets were seemingly everywhere — across social media, embedded in news articles, and cited by television anchors.

You’ll be hearing more about them. Platforms that facilitate wagers on politics have largely operated offshore because they were prohibited in the United States. But on Thursday, a company called Kalshi was briefly allowed to take bets from Americans on November’s elections.

Within hours of a U.S. District Court giving Kalshi

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