Shortly after the video was removed, the team reposted an opening for a Director of YouTube Strategy on LinkedIn. 

James, still a free agent since leaving the Los Angeles Lakers 24 days ago, has given no timeline for his decision. Even his agent, Rich Paul, said this week that nobody—not Paul, not NBA commissioner Adam Silver—knows when it’s coming.

But on prediction markets, Miami is now priced near 50% on Polymarket to land James and Kalshi has that scenario in the high 40s. Cleveland had been running dead even just a day earlier.

According to Polymarket, the likelihood of James going back to South Beach on the night the video was “mistakenly” posted sat at 31.5%, trailing Cleveland by three points. That one “mistaken” social media post led to a 20-point surge, in other words.

Combined trading tied to James’ next team has topped $245 million across Kalshi and Polymarket, with more than $200 million of that on Kalshi alone. Just weeks ago, the figure was $76 million; a Kalshi spokesperson has since put the total north of $170 million. According to Kalshi, the current market volume of James’ landing spot has garnered over $211 million. This means in just three days, there has been an increase of over $40 million in total betting volume following Kalshi’s $170 million report.

At one point the James trade ranked as the platform’s third-largest market ever, trailing only the 2026 World Cup champion contract and the 2028 Democratic presidential nomination—and fewer than 30 markets in Kalshi’s history have ever cleared $100 million in volume. For comparison, the site’s markets on the Kawhi Leonard, Bronny James, Kyle Tucker, and Jaelan Phillips free agencies each drew well under $1 million combined.

Marty Conway, a sports business professor at Georgetown University, said the episode fits a pattern he’s watched develop across sports and politics alike: someone always thinks they can get ahead of the news.

“There’s a market for everything, and I think people have recognized that there’s a market for everything,” Conway told Fortune. “There are individuals in every pocket of that area who think they can either influence it, make a market in it, or take advantage of it.”

Exploding activity on prediction markets

According to Kalshi, the current market volume of James’ landing spot has garnered over $211 million. This means in just three days, there has been an increase of over $40 million in total betting volume following Kalshi’s $170 million report.

The James market mirrors what’s happening across the industry. Monthly volume on Kalshi and Polymarket, the two largest platforms, reached nearly $24 billion as of April, according to Pew Research Center, which found sports traders more active than those betting on politics or crypto. That tracks with what Fortune has been documenting all summer: prediction markets made up roughly 27% of all legal U.S. sports-betting volume during the World Cup, up from just 9% at the start of the year, and Kalshi’s contract on the tournament’s final between Spain and Argentina topped $1.27 billion on its own, dwarfing the roughly $2 billion wagered across the entire NBA Finals and $1 billion on the Super Bowl. 

The NBA, notably, has told federal regulators it doesn’t believe markets like the LeBron one should exist at all, arguing they invite exactly the kind of front-office leak the Heat just produced—an argument that echoes the one Kalshi is currently fighting in court, where its effort to keep operating these sports contracts nationwide is now headed toward the Supreme Court over whether it’s really offering financial products or, as state regulators argue, unlicensed sports gambling.

Conway said he couldn’t say whether the video leak was deliberate, and cautioned there’s no evidence either way. But he said the logic behind why a team would even have such a video ready is itself revealing.

“If it wasn’t even an option, why would somebody prepare it?” he said. “So, was the Heat just preparing for that? If they weren’t in the market for LeBron, they wouldn’t be preparing that kind of communication. So somebody believes that they are in the market for LeBron, and they’re prepared for it.”

Conway pointed to how often a mistake like this gets read through a betting lens now, whether or not that’s the right lens. “It’s hard to say whether it was intentional or not,” he said. “There’s a lot of things that actually are sitting on servers that are in production only and not ready to be seen, and there’s mistakes that happen in that regard.” Still, he added, “it wouldn’t be surprising if there was someone or some small group of people that floated that and had some ability to have some action on it,” whether through profit or a shift in the odds.

That’s the dynamic increasingly shaping how free agency plays out in public. Fans, reporters, and traders now treat a team’s own internal preparations—press conference backdrops, jersey mockups, a YouTube upload—as signals worth betting on, even when the team insists there’s nothing behind them. Conway’s read is that this is simply where sports have landed: every event, intentional or not, gets priced somewhere.

“I think right now we look at everything, every potential activity or outcome in sports,” he said. “We have to look at it through the lens of: is there a market for this in the prediction market or in the gambling market, and who could be on the other end of that advantage.”