Sports Betting as Moral Outlier

Many modern pleasures that once were banned are now accepted, yet recreational sports betting remains a frequent legal exception despite lacking the usual justifications (physical harm, deep moral stigma). The rise of low‑fee, fast prediction markets (e.g., Kalshi, Polymarket) makes that exception politically and economically salient. — Framing sports betting as a lingering moral anomaly highlights an underexplored lever for regulators and could reorient debates about whether to treat prediction markets like ordinary finance or exceptional vice.