I've always found it interesting how prediction markets are demonized. Recently, I came across a viewpoint from Tarek Mansour, the founder of Kalshi, who believes that prediction markets should not be classified as gambling. This stance is actually quite convincing. He used a great analogy, comparing the skepticism faced by prediction markets to the doubts encountered when stock markets and grain futures were first introduced. Thinking about it, many financial innovations that are now widely accepted went through similar controversies and opposition in their early days. This makes me realize that it often takes time for the market's perception of new things to change. Tarek Mansour's perspective touches on a core issue: how do we distinguish between risk management tools and speculative behavior? This is not only about the positioning of prediction markets but also about the future of financial innovation as a whole. From this perspective, the discussion about the legitimacy of prediction markets might just be beginning.