Prediction-market traders betting on Iran’s Khamenei got a messy reminder to always read the fine print

As tensions between the U.S. and Iran rose over the past few weeks, traders were using Kalshi and Polymarket to bet on whether Iran’s Supreme Leader Ali Khamenei would remain in power. But when news broke that Khamenei was killed in U.S.-Israel strikes, these traders were left with more questions than answers.

By Gordon Gottsegen