The US and Israel's joint strikes on Iran have sparked political backlash, with critics questioning the White House's unilateral military action. However, attention is also focusing on those profiting from these events through prediction‑market platforms Kalshi and Polymarket, where traders bet on the outcomes of conflict and geopolitical events. One Polymarket user, known as "Magamyman", reportedly made over $500,000 in a single day with a bet on US–Israel strikes that Iran’s supreme leader, Ayatollah Ali Khamenei, would be out of power. This has raised concerns of insider trading. The only US-regulated prediction market for this market, Polymarket requires user identification and is overseen by the Commodity Futures Trading Commission (CFTC). The latest trades have led to calls for reform, with some calling for regulation and for prediction markets to be regulated like state-level gambling enterprises.