The Globe and Mail reports in its Friday, July 31, edition that Canadian regulators have cleared the way for trading in prediction markets. The Globe's guest columnist Jeremy Dietz writes that prediction markets allow investors to bet on whether an event is going to occur or not. Sports betting still leads prediction markets, but a new class of market data is emerging. Prediction markets are evolving into tools for hedging and forecasting, appealing to investors and business owners focused on future outcomes. Kalshi, a leading prediction market exchange, has developed a political index that tracks sentiment for United States Democratic and Republican candidates. If users bet on Democrats, the American Power Index reflects that sentiment, providing valuable data on political trends. A new stream of forward-looking data that can inform forecasts and investing. Indeed, a recent analysis by the U.S. Federal Reserve found Kalshi's interest-rate forecasts beat the futures market and its headline inflation forecasts beat the Wall Street consensus. The wisdom of the crowd, as they say. Intercontinental Exchange, Morgan Stanley and others have sought equity positions in the world's top two prediction market exchanges.