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Joe Ciccolo

Jun 4, 2026

18:49
And to see that regulatory hole and drive like a 18 wheeler through it, like, and like, ah, I mean, I know there's been litigation, but, but where
18:58
did this start? So prediction markets, believe it or not, have been around for a long, long time.
19:02
So if we want to go back in history, uh, and I'm sure we could go further back, but it's sort of recorded and fairly more recent history in the 1500s, believe it or not, uh, in Italy.
19:13
Merchants and bankers and perhaps even members of the clergy were using prediction markets to essentially predict who the next pope would be.
19:23
And they were exchanging contracts with one another.
19:26
And they actually had a line and they would figure out, based on contracts with each other, what the prediction would be.
19:33
And they were ultimately wagering, for lack of a better term, I think that the prediction markets would use a different term, but essentially they were wagering on who they thought would be the next Pope.

20 MINS LATER

39:14
So a regular could say, Oh my God, you know, we've got, you know, 10 people, um, 18 to 21, one person from, you know, older than that, like that, that would, that would drive action, but those checks and balances are not in place yet.

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