Many people tried to predict who the new pope would be, even putting money on it. Few expected him to .

Bettors poured more than $40 million into the most recent papal conclave, on just two prediction market platforms: over $30 million on , according to its website, and over $10.6 million on , says a company spokesperson.

Going into the conclave, the new Pope Leo XIV — formerly Cardinal Robert Prevost — had odds of less than 1%, according to Kalshi's website. Of the over 33,000 conclave trades placed on Kalshi, just 416 trades totaling to nearly $450,000 were placed on Prevost, the spokesperson says.

The highest payout on the platform was $52,641 on a $526 bet, adds the spokesperson. The identity of that bettor could not be confirmed by C온라인카지노사이트 Make It.

The conclave was "a major draw, roughly comparable to a big sporting event," says the Kalshi spokesperson. Notably, $10.6 million on that platform pales in comparison to the amount spent on the most recent U.S. presidential election: $132 million, the company in November.

Prediction markets , where users buy and sell contracts that pay out based on the outcome of a future event. They during the U.S. presidential election last year, over their potential to be used for manipulation and misinformation, and concerns about their regulatory status.

Large traders could potentially use such platforms to influence voter turnout on election day, Cantrell Dumas, director of derivatives policy for the advocacy group Better Markets, told .

Currently, Kalshi users can bet on a , from when the video game Grand Theft Auto VI will be released to what White House press secretary Karoline Leavitt will say during her next briefing.

users can bet on similar outcomes, though from using the platform due to Commodities Futures Trading Commission regulations.

Like with all forms of betting, wagering on prediction markets can be a slippery slope. Financial experts typically recommend that you only bet what you can afford to lose, and to avoid repeatedly doubling down after a loss.

The biggest mistake to avoid: , Pikeville, North Carolina-based certified financial planner Jonathan Greeson told C온라인카지노사이트 Make It on March 20.

"Your betting money should be included in your entertainment budget," Greeson says. "Like with investing, we should never bet more than we are willing to lose."

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