The Globe and Mail reports in its Wednesday edition that prediction markets let people bet on the outcome of real-world events based on a yes-or-no question: Will interest rates go up? Will the Dodgers win the World Series? A Globe editorial says Canada has opened the door a crack to such markets. Across the border, monthly trading volume on the two largest global platforms, Kalshi and Polymarket, reached $53-billion (U.S.) in July. Canadians, for now, can legally bet only on contracts linked to economic indicators, financial markets and climate trends through authorized investing platforms. Predictably, there is a push to expand prediction markets here, something government should resist. Wealthsimple, one of only two financial firms permitted to offer prediction markets so far, has argued that constracts related to sports, the biggest driver of bets, should also be regulated as financial instruments. People overwhelmingly use event contracts for gambling, and there are growing signs of harm from on-line wagering. Emergency-room visits for gambling-related disorders nearly doubled since Ontario allowed on-line gambling on private platforms in 2022, with males under the age of 30 accounting for the biggest increase.