IEM is still functioning but pretty dead since Kalshi put up election markets. Looking just now I see well under $100 in volume for all of August. (At least when Kalshi first put up those markets it gave me the only opportunity I've had to make a pure arbitrage.)

Might be something the populace is just too dumb to have - the people seem to overwhelmingly prefer their events to be pretty much games of chance (BTC price up/down at 15 minute intervals) or sports.

I figure Kalshi and Polymarket for dead before too long, if only because the "traditional" sportsbooks seem to have much better "government relations".