Bloomberg's editorial board has criticized prediction markets, specifically naming Kalshi and Polymarket, as gambling platforms that exploit regulatory loopholes. The op-ed argues that these companies, which derive 90% of their revenue from sports betting, operate under the guise of "prediction markets" to avoid state-level gambling regulations. The editorial highlights concerns over insider trading, as seen in a recent incident involving Polymarket and the Iranian Supreme Leader's death. The op-ed urges Congress to amend the Commodity Exchange Act to clearly define "event contracts" and impose stricter regulations on prediction markets. It calls for consumer protection standards akin to those in the SAFE Betting Act and suggests that Congress should reassess the broader implications of widespread gambling in the digital age. With prediction markets poised to exceed $10 billion in monthly trading volume, the editorial emphasizes the need for immediate legislative action to prevent potential financial harm to users.