So-called “mention markets” are a way of betting on which words one or more participants will say at a public event.

Betting platforms like Kalshi and Polymarket offer mention markets on events such as:

• Presidential debates
• Company quarterly earnings calls
• Prominent speeches like the State of the Union
• Political press conferences
• NFL Super Bowl broadcasts

Bettors buy “yes” and “no” shares on specific words, which vary by event.

Like any form of online gambling, these wagers carry risks of problem gambling.

How Do Mention Markets Work?

It’s a stock-market-style form of betting. You can purchase the “yes” or “no” shares as soon as the market opens, which could be weeks or months before the event starts.

Up to and during the event, you can buy and sell shares. The trading stops when the event is over. You are not required to hold your shares until the event is over (i.e., when it settles).

Each share is worth $0 or $1 at the end.

In November 2025, Kalshi debuted parlays for mention markets. For example, a three-leg parlay for a Monday Night Football mention market could involve announcers saying the words “late hit,” “pylon,” and “turf.”

Kalshi and Polymarket Mention Markets

Platforms like Kalshi and Polymarket have the largest menus of mention markets. These platforms have few safeguards to prevent potential financial harm.

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.

You can also be vulnerable to losses due to insider trading on Kalshi and Polymarket.

Why You Should Be Wary of Mention Markets 

These markets are ripe for manipulation. U.S. Senator Chris Murphy (D-CT) has called them “rigged.”

During 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 these 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. If your betting is making you unhappy, it could be time to stop.