But for the past year, thanks to a loophole, Americans have effectively been able to bet on sports no matter where they live. All they have to do is turn to prediction markets. Platforms such as Kalshi let people wager on lots of things: Who will win the Oscar for Best Actor? How much snow will New York City get this month? Prediction markets say that they are more akin to the stock market than gambling. Rather than betting on odds set by bookmakers, users trade contracts that pay out according to the outcome of a given event. This distinction may not mean much for someone betting on the Seahawks over the Patriots, but it does allow prediction markets to operate even in places where sports betting is illegal.