Prediction markets spotted Tuesday's Democratic election landslide hours before television networks caught up, according to Bloomberg's Joe Weisenthal.

Weisenthal called the election a "huge win" for prediction markets, arguing that Kalshi and Polymarket offered a clearer picture of the unfolding results than traditional news coverage.

"There was no better way to understand the state of the race in real time than following the prediction markets," Weisenthal wrote Wednesday.

He described switching between television networks and betting platforms as results arrived. Around 6:30 p.m., the first Indiana ballots sent Democratic probabilities surging.

"The TV anchors weren't even close to making big calls," he observed.

How Prediction Markets Saw the Wave

On Kalshi, Democrats' chances of winning the Senate jumped from 75% at 6 p.m. ET to 88% an hour later, according to RotoWire.

Kalshi co-founder Luana Lopes Lara said the platform had Democrats at 99% for House control and 98% for the Senate before the New York Times launched its live election needle at 8:37 p.m.

The markets had also anticipated the possibility of a historic landslide.

On Nov. 2, Kalshi traders assigned a 28% probability to Democrats winning more than 250 House seats, according to Bloomberg data shared by Weisenthal.

The outcome wasn't their most likely scenario, but Weisenthal argued that traders had recognized a substantial possibility of a blowout before Election Day.

Kalshi CEO Tarek Mansour went further, declaring that "the power to decide what America sees changed hands."

"Last night, 'these people' beat the elites," he wrote.

Mansour pointed to prediction-market favorites winning 479 of the first 487 resolved races, a 98% success rate.

Nate Silver Cries 'Stolen Valor'

Election forecaster Nate Silver, who has advised Polymarket, replied directly to Mansour.

"It's kind of stolen valor lol," Silver wrote, arguing that "the polls and models provided the direction" for traders.

His Silver Bulletin model assigned Democrats a 96% chance of winning the House before Election Day, compared with Kalshi's 94%.

G. Elliott Morris of FiftyPlusOne, which publishes its own model, was even more confident at 98%, according to his analysis.

But Morris also conceded that prediction markets came closer to forecasting the size of the Democratic majority.

His model gave Democrats just a 10% chance of winning at least 255 House seats, while Kalshi had assigned a 28% chance to winning more than 250. Democrats are on track for roughly 255 seats.

Weisenthal acknowledged that polls feed both statistical models and prediction markets, meaning "you can never really disentangle any of this stuff."

Kalshi and MarketDash have an existing data collaboration agreement.