On Capitol Hill, calls are growing for lawmakers to regulate online betting platforms known as “prediction markets” amid allegations of insider trading that includes profiteering from U.S. military strikes. Bloomberg reports $529 million was traded on contracts tied to the timing of the strikes on the Polymarket prediction market. One Polymarket account called “Magamyman” made more than a half-million dollars betting on the U.S. attack on Iran, with the first trade placed just over an hour before the news broke publicly. This echoes similar bets on the U.S. military operation in Venezuela placed on Polymarket and other prediction markets, including Kalshi. Donald Trump Jr. sits on Polymarket’s advisory board, and his venture capital firm has invested tens of millions of dollars in the company. Both the Justice Department and the Consumer Financial Protection Bureau ended active investigations into Polymarket after Trump returned to the White House last year.