Diego Sorbara, ProPublica; Why We Changed Our Code of Ethics to Address Prediction Markets
In an era when people can bet on news events, we want readers to know we’re not willing to gamble with their trust.
"What would you think of me, the ProPublica editor responsible for newsroom standards, if I placed a bet on the baseball game I’m currently listening to on the radio? Probably that I’m doing something plenty of others do, and that my wallet will be lighter in a few innings.
What would you think of me if I stood to make a tidy sum based on the outcome of a news event ProPublica has been covering? You’d probably think that’s downright shady, because isn’t the job of a journalist to report the news and not make money off it?
Lest you think I’m an ethically compromised editor, you can rest easy. According to a recent update to ProPublica’s code of ethics, “no employee should wager on the outcome of news events on the prediction markets — regardless of whether or not they are involved in coverage of said event.”
ProPublica has always prohibited employees from profiting off inside information, so you may wonder why we amended our code of ethics to specifically single out prediction markets. We have not encountered any instances of this happening on our staff, but it has become harder and harder to deny the influence and reach of prediction markets beyond sports. In fact, deals between prediction markets and news organizations abound, such as Kalshi with CNN, Fox News and The Associated Press, and Polymarket with Dow Jones.
But there have also been worrying examples of these markets at play."
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