We’ve long argued that prediction markets, where you can bet real money on everything from who will win the Indy 500 to how long it will be before Cuba is liberated, are the best tools for assessing the likelihood of future events.

You don’t have to listen to the self-proclaimed “experts” and their fantastic claims like “Florida will be underwater in 20 years” anymore, because the betting market can price the likelihood of these future events. Getting accurate estimates about the future helps price asset values and steer policy decisions in the right direction, so we don’t misallocate resources. If these markets had been in place 20 years ago, we might not have dumped trillions of dollars down the green energy drain.

Good news: these prediction markets are exploding. They need guardrails to prevent exploitation and fraud, but governments otherwise should stay out of the way and let these markets transmit to us information about what the future likely holds.