News Organizations Like CBS Embracing Prediction Markets as “Journalism” Is a Deep Moral Disgrace

News outlets, including CBS, are increasingly engaging in prediction markets, a practice that raises serious ethical concerns. Prediction markets, exemplified by platforms like Polymarket and Kalshi, operate in a legal gray area that has become notorious for facilitating insider trading and promoting gambling. These platforms enable individuals to bet on virtually any subject, often leveraging confidential information to gain an unfair advantage.

Consequently, the probabilities wagered on these platforms are not reflective of the true likelihood of an event, but rather influenced by financial interests. The ethical implications are substantial. For instance, CBS News, under the leadership of editor-in-chief Bari Weiss, has partnered with Kalshi to cover upcoming elections.

This move, while profit-driven, risks tarnishing the credibility of mainstream media, which is already mired in low public trust. The partnership could potentially incentivize reporters to profit from their reporting, and it may skew the results due to the involvement of those who have a vested interest in the outcomes. Moreover, the United States is grappling with a gambling addiction crisis, with a significant portion of the population, particularly young men, addicted to online sports betting.

By endorsing prediction markets, news organizations are inadvertently legitimizing a form of gambling, which exacerbates this issue. Other media organizations, such as ProPublica, NPR, Time magazine, and the New York Times, have taken a firm stance against their employees engaging in betting on news events, recognizing the inherent conflict of interest.

By embracing prediction markets, CBS News is not only undermining its own journalistic integrity but also risking further erosion of public trust in the media during a critical period like the upcoming midterm elections.