France's main gambling sector regulator said on Friday it had instructed the country's internet service providers to block access to the Polymarket website, one of a number of online prediction…
Blocking is harsh, but honestly there seem to be limited different actions that can be taken, but will not really have a great impact.
These prediction markets sell themselves as putting your money where your mouth is, which sounds great on paper but without regulation opens up for a select few to do «inside trading».
Most users are still primarily using it for sports betting which is very heavily regulated. For good reason. Regulating these in the same way would be the right action but, I guess we could see if this actually will have an impact. I’m sceptical.
I feel like too many people have the general impressing that this is some normal gambling. For example, on polymarket, if a bet defaults, such as a game being cancelled, the pool is split 50/50. Most users do not know of this, and it can be gamed until you get banned, what other platform (or hell if Im betting with friends) does that?
I would assume other betting exchanges such as betfair does that. With betfair you purchase an order and someone must issue a sell for you to get that price. Think stock market for sports betting. But betfair is considered a gambling site and is regulated as such. So I don’t see why Polymarket or Kalshi should be any different. I’d be happy to be convinced otherwise :)
Blocking is harsh, but honestly there seem to be limited different actions that can be taken, but will not really have a great impact. These prediction markets sell themselves as putting your money where your mouth is, which sounds great on paper but without regulation opens up for a select few to do «inside trading».
Most users are still primarily using it for sports betting which is very heavily regulated. For good reason. Regulating these in the same way would be the right action but, I guess we could see if this actually will have an impact. I’m sceptical.
I feel like too many people have the general impressing that this is some normal gambling. For example, on polymarket, if a bet defaults, such as a game being cancelled, the pool is split 50/50. Most users do not know of this, and it can be gamed until you get banned, what other platform (or hell if Im betting with friends) does that?
I would assume other betting exchanges such as betfair does that. With betfair you purchase an order and someone must issue a sell for you to get that price. Think stock market for sports betting. But betfair is considered a gambling site and is regulated as such. So I don’t see why Polymarket or Kalshi should be any different. I’d be happy to be convinced otherwise :)