Prediction markets like Polymarket, Kalshi, and Opinion Labs have sparked plenty of debate about what they actually are. Many dismiss them as "just gambling," but that's oversimplifying things. Sure, the mechanics feel familiar if you've ever placed a bet, but prediction markets operate on fundamentally different principles. At their core, these platforms let users buy and sell "shares" tied to specific outcomes. You're not wagering against a house—you're trading with other participants based on your assessment of event probabilities. That distinction matters. Whether it's election results, sports outcomes, or economic indicators, these markets aggregate distributed information through price discovery. It's more akin to trading financial instruments than traditional betting. The mechanics might seem similar on the surface, but the structure, purpose, and implications tell a different story.