The Dark Reality of Betting Against QAnon

Qanon—the conspiracy theory that elite Democrats, government officials, and celebrities are part of a cannibalistic, child-sex-trafficking cult, and Donald Trump is the hero destined to stop them—has allegedly inspired kidnappings, car chases, and a murder. It has also made 28-year-old Patrick Cage a lot of money.

In 2018, Cage, a Californian who works in international environmental policy, discovered a gambling platform called PredictIt. It was an unusual betting site: Its users didn’t wager on card games or horse racing. Instead, they made predictions about politics. People put money on questions...