Over $40 million was bet on the new Pope

Over $40 million was wagered on the recent papal conclave across two prediction market platforms, reflecting significant interest in the event. More than $30 million was bet on Polymarket, and over $10.6 million on Kalshi, according to company representatives. The new Pope, a former cardinal, had less than a 1% chance of being selected, according to Kalshi's website. Prediction markets, similar to futures contracts, allow users to buy and sell contracts based on future event outcomes. Concerns about manipulation and regulation have led to scrutiny, particularly during the U.S. presidential elections.