Traders wager on how much snow New York City will get this weekend

Businessinsider reports traders are betting on how much snow New York City will get this weekend as Winter Storm Fern barrels through the US. Traders on Kalshi had bet almost $900,000 as of Saturday afternoon on whether more than 12 inches of snow will fall in New York City on Saturday and Sunday, while on Polymarket traders had bet about $210,000; the winning category there is now 8 to 10 inches.

The storm is expected to bring heavy snow, sleet, and freezing rain to multiple states in the South, Mid-Atlantic, Midwest, and Northeast and could impact some 180 million Americans, and thousands of flights have been canceled. As Americans rushed to buy essentials ahead of the storm, some also bought shares on prediction markets; prediction markets allow users to buy and sell shares in outcomes, and Polymarket provides real-time updates allowing bets to provide insights into how consumers and investors think.

Polymarket bettors correctly predicted nearly the entire slate of Golden Globe winners last week, prompting a celebration from Polymarket CEO Shayne Coplan, who wrote, "We have a long way to go to educate the public on the value of market-based forecasts, but you can't deny its accuracy.

Key Topics

Business, Winter Storm Fern, New York City, Kalshi, Polymarket, Shayne Coplan