So-called “mention markets” are a way of betting on which words one or more participants will say at an event.
Betting platforms like Kalshi and Polymarket, which facilitate real-money wagering, offer mention markets on events such as:
- Political debates
- Company earnings calls
- Prominent speeches
- Press conferences
Bettors buy “yes” and “no” shares for specific words, which vary based on the event.
Mention Market Examples
Here is an example of a mention market for DraftKings’ earnings call in November 2025.
In November 2025, Kalshi debuted parlays for mention markets, even bringing them to sports betting.
For example, a three-leg parlay for a Monday Night Football mention market could involve announcers saying the words “late hit,” “pylon” and “turf.”
How to Trade Mention Markets
On platforms like Kalshi and Polymarket, you can buy shares at any point leading up to and during the particular event. You can also sell when you want. It has the mechanics of a stock market.
You are not required to hold your shares until the event is over (i.e., when it settles).
When a particular word is said, the corresponding market will essentially close out.
Mention-market traders usually do research in an attempt to make better decisions and find so-called value. Nonetheless, mention markets are still gambling. You may overestimate your research abilities.
Let’s examine why you should be wary of them even if you think you have an edge.
Why You Should Be Wary of Mention Markets
These markets are ripe for manipulation. In an October 2025 earnings call, Coinbase CEO Brian Armstrong showed why consumers should consider avoiding these bets.
Near the end of the earnings call, Armstrong had the list of words from Polymarket in front of him. He decided to rapidly read off the words that had not been said yet.
It was an egregious manipulation of the market, causing many people to lose money. Some people won money directly from Armstrong’s unethical behavior.
Armstrong demonstrated that participants and insiders can corrupt mention markets. Beware of trading on them, even though CFTC-registered platforms offer them as legitimate products.
A second reason to exercise caution with these wagers is that there may be traders at the event you are trading on. Prediction markets are primarily peer-to-peer, which means that you are generally competing against other traders.
If other mention-market traders are at the event, they could have information ahead of you by crucial fractions of a second. By being physically present, these traders can sometimes beat the live video or audio feed that you’re watching.
Addiction Concerns
Mention markets are fast-paced wagers. Bettors in these markets must make decisions extremely quickly, leading to rapid wins and losses. By doing so, high levels of dopamine can be released.
Mention markets can lead to addiction in ways that slower-paced betting may not.
Trust your instincts. Are mention markets stressful to you? If so, consider avoiding them and wagering on something else.
That said, any form of online betting can be addictive. Consider abstaining from wagering if you have any concerns about your mental health or are feeling lonely.
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