Many people tried to predict who the new pope would be, even putting money on it. In fact, bettors poured more than $40 million into the most recent papal conclave, with Cardinal Robert Prevost having odds of less than 1%. Just 416 bets totaling nearly $450,000 were placed on Prevost. The highest payout on the platform was $52,641 on a $526 bet. The conclave is a major draw compared to a big sporting event. Still, $10.6 million pales in comparison to the $132 million spent on the most recent presidential election. Prediction markets operate similarly to futures, where users buy and sell contracts that pay out based on the outcome of a future event. Like with all forms of betting, wagering on prediction markets can be a slippery slope. Financial experts recommend that you only bet what you can afford to lose.
