Prediction market exchanges have created an environment where just about any piece of information is potentially monetizable: How well will BTS’s new song perform this week? How hot will Los Angeles get? Will Donald Trump be impeached? Users can wager on all of that and, on some platforms, more gruesome and violent outcomes in the real world. The rapid rise and expansion of Polymarket and Kalshi have put newsrooms in a strange position. Prediction market evangelists often claim that their odds are more trustworthy and accurate than polls and traditional media — effectively positioning the industry as a replacement for news. At the same time, news organizations from Fox News to The Associated Press are cutting deals with prediction market exchanges, and Polymarket and Kalshi are attempting to align with independent journalists and Substackers through paid placement deals.…