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Before Kalshi and Polymarket there was the Iowa Electronic Markets : Planet Money

A punter fills out a slip, betting on who will be the next pope at a betting shop in central London, 19 April 2005. Carl De Souza/AFP via Getty Images hide captionPrediction markets aren't new. Election betting was common until the 1940s, then mysteriously faded away.There was an entire political er...

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