There’s a reason prediction market adoption is accelerating. Sportsbooks have an inherently predatory incentive: they win when you lose. That drives a lot of bad outcomes for consumers: house-set prices, limits on winners, and VIP programs designed to keep losing customers playing. The incentives of markets are different. Exchanges take a small fee for facilitating trades between participants on an open market. The business depends on people choosing to trade, not on them losing. That changes the product. You can set the price you’re willing to trade at. Other participants can compete to offer you a better one. And you don’t get limited simply because you’re winning. An open exchange, where participants compete to offer the best prices, creates value for fans, traders, and businesses: • Sharps typically limited by sportsbooks can participate, helping improve forecasts that everyone from season ticket holders to local businesses uses to make decisions. • People and businesses can hedge risk at competitive prices, from a local bar that relies on a team’s playoff run to a national advertiser whose campaign depends on which teams advance. More businesses are using prediction markets this way. • Regular fans get better prices on the trades they want to make. These aren’t small differences. They’re what make an open exchange a fundamentally different product for consumers. People have recognized the difference. Excited to see the NBA recognize the value of the exchange model as well.