What happens when democracy becomes a commodity?

"Michael Auerbach has one of the most original minds I've ever encountered―and an uncanny instinct for what's coming next. In The Big Bet, he explores the past, present, and future of the prediction market, a phenomenon that is reshaping our world in real time, and in startling ways. This is a dazzling and entertaining book, full of keen insights and arresting anecdotes. But it is also an urgent warning about what we might gamble away if we become a society that wagers on everything. Democracy itself is at stake."

“This book is smart and provocative. Money changes behavior. Prediction markets will change democracy. The Big Bet asks what happens when we turn the future into a trade, and we’d better know the answer.”

"A rigorous debut examination of the dangers for democracy posed by the prediction market industry… It's an urgent wake-up call for those betting on democracy's future."

"Prediction markets allow anyone, anywhere, to bet on elections, wars, and state secrets. A serious public debate is long overdue, and Michael Auerbach, who knows these markets from the inside, is uniquely placed to lead it. After a career in national security, I would urge anyone who lives in a democracy to read this extraordinary book. The Big Bet is revelatory, and impossible to put down."

"Every generation or so, the world experiences a moment where one can see exactly where the bus is headed and nobody will touch the wheel. This is one of those moments. Michael Auerbach has written the most honest account of where prediction markets are taking us. The Big Bet is brilliant, troubling, and almost impossible to put down."

"Will The Big Bet become essential reading on prediction markets? This market resolved to YES. Michael Auerbach's book is a history lesson and an overview of the state of play, but also a forewarning of a future rife with insider trading and corruption. I got an early copy because Michael is my friend, so I knew it was good. I cleaned up."

"This is a forensic, urgent, and barely believable exposé of a world that prices everything but values nothing. I was enthralled and appalled. I bet you will be too. It's superb."

"Auerbach writes smoothly and makes a complicated subject easy to follow… His warning about turning democratic outcomes into financial products remains persuasive and timely."