I have only recently heard of Polymarket, so I am surprised to hear there is a US-licensed version already. What even are prediction markets? They seem like some kind of soon-to-fade fad to me. How can they possibly predict anything? Sounds like false advertising to me.

They way they work is basically setting up a yes or no poll on whether an event will happen. People vote yes or no and at the same time, make their bet?

Where does the prediction part come in?