Political Betting Markets Remain Over-Valued

If you’ve followed my thinking on this you know I’ve long had a pretty low opinion of political betting markets. Their user base tends to lean right, with the built-in bias you would expect that to cause. They’re also prone to manipulation. But the biggest problem is that, in my view, they’re largely derivative of polls and the press narratives. Garbage in, garbage out. I will simply note that the wild gyrations all of them have been doing over the last three or four days provide, I think, some backing for my argument.