Overview
- Oliver, in Sunday’s Last Week Tonight segment, zeroed in on Kalshi and Polymarket and how their growth leans on news partnerships that present betting odds as part of coverage.
- He said outlets including The Wall Street Journal, CNN, CNBC, and Fox News lend undue legitimacy by displaying market prices, accusing networks of laundering the platforms’ reputations.
- He detailed insider risks tied to real-world events, citing a $400,000 score after Nicolás Maduro’s capture, charges against two Israelis over classified military info, and even wagers on words his show would say before airtime.
- He argued most users lose to a small group of savvy traders, with NBC Sports noting that more than two thirds of Polymarket winnings flowed to 740 accounts out of over two million users.
- He challenged claims that these sites are financial tools rather than gambling, highlighted Donald Trump Jr.’s advisory ties to both companies, and urged tougher CFTC action as Congress considers limits on event betting.