[NEWS]Netherlands Bans Polymarket Over "Illegal Gambling Services"

[yahoo62278]

I dont use polymarket and likely never will but I'm probably gonna have to agree that it is a gambling platform abd they are just trying to use a loophole to bypass restrictions in some areas by saying prediction platform.

What i dont agree with is telling people how they can or cannot spend their money. If someone wants to use the platform then let them.

[Alphakilo]

The predictions market, unlike any gambling platform out there, exist to make money. Irrespective of what they define their terms of operations to be. All they must do to exist within a country these days is to get the right license, pay the supposed taxes and try to expand. Wherein they aren't fulfilling any of these, they start having such problems with the government for many reasons possible.
It's just so unfair that Polymarket had to become popular, because this is the problem that comes when a business is distinct in service but not controlled by the government.

[bangjoe]

Polymarket is indeed an article of gambling that we have already realized before where we can bet on predictions in the Polymarket, the prediction market claim is just another word for future betting, as long as we can bet there then it is a place to gamble.
The Dutch decision is indeed correct because they also definitely act according to the regulations that already exist there, there are many strange things about betting on Polymarkets so perhaps the Dutch government will ensure that its citizens can remain safe from very random predicted bets on Polymarkets and can avoid schemes carried out deliberately by certain people to take advantage of bettors on Polymarkets.

[Alpha Marine]

Polymarket is a gambling market. There is no doubt about that. All the mental gynastics doesnt change that.

My question about Polymarket is how easy or difficult it is to cheat. Stuff like insider information, for example, can be very common.
Let's use the Oscars as an example. If I work there and I know the winners, can't I simply make bets on certain outcomes and make money from it?

I saw a video of people who voted for the MVP of teh superbowl to say, "I want to give thanks to God" in his speech. What if his friends agree with him to say a certain thing and they bet on it and make moeny? Or what if he bets on it himself?
These are just the questions ive always had about it.

[passwordnow]

The same idea with the exchanges like Binance, they've been asked to get licenses from the countries where they are operating and have a lot of userbase. So, whether polymarket is a gambling platform or a prediction market for as long as it's serving people from these countries like the Netherlands, they'll have to get registration from the government. It all leads to the taxes and the fees that be sucked from them by any government that will look upon it. Now, thanks to them that the other countries now have an idea if ever they see a wide number of their citizens who uses them.

[Wakate]

This is a big joke and I don't understand why the government of these countries not only Netherland but France and many of the European countries had banned it while citizens can still outsmart the government by making use of VPN.
I don't see any reason why it should be banned unless they don't want a gambling or prediction platforms to operate in their region.
Users that are from the banned countries can access the platform through other means.

[Slow death]

Well, what Polymarket needs to do is very simple: hire a lawyer in the Netherlands to handle the entire regulatory process and start operating legally in the Netherlands, or follow the instructions of the Dutch government and not provide its services to Dutch citizens. Obviously, hundreds of Dutch citizens will be using the site clandestinely. But in that case, the fault will lie entirely with the citizen and not the site, because the site will clearly state in its Terms of Service that access is prohibited to Dutch citizens.

[JeffBrad12]

The Netherlands has banned Polymarket from the country as it deemed the platform as a gambling paltform that is operating without a license.

according to the article, the Netherlands ordered Polymarket to cease offering service to its Dutch users, and if they fail to comply with the order, they will be fined €420,000 per week, up to a maximum of €840,000.

A gambling platform needs a lot of licenses to operated in most of countries in EU. Meanwhile, Poly was never caring about that. No doubt many EU countries are banning them right now. Netherland is the latest one.
In addition, i've heard Ukraine was also banning them along with Portugal that already told all of ISP to blacklist them. The more countries are becoming unfriendly with them. They're just becoming the new public enemy. It's interesting how they can hustle with so many countries against them.

For those who don't know, there have been discussions/debates as to what Polymarket is. There are people/countries who say that it is a gambling platform, while there are people/countries who say that it is a prediction market. Personally, and I've said this before, I think Polymarket should be considered as a gambling platform, and to be honest, I think their "prediction market" claim is just an excuse for them to bypass restrictions that would be imposed on them if they called themselves a gambling platform. This is just my opinion, so you can agree or disagree with it.

In gambling we bet for the outcome for an event.
In prediction market we predict the outcome for an event.

So what's the differences? Using it to defend themselves if they are not a gambling platform is showing how dumb they are. No doubt many countries ban them. Even they don't aware if they were a gambling platform. 

[mitchr4]

Polymarket is a gambling market. There is no doubt about that. All the mental gynastics doesnt change that.

My question about Polymarket is how easy or difficult it is to cheat. Stuff like insider information, for example, can be very common.
Let's use the Oscars as an example. If I work there and I know the winners, can't I simply make bets on certain outcomes and make money from it?

I saw a video of people who voted for the MVP of teh superbowl to say, "I want to give thanks to God" in his speech. What if his friends agree with him to say a certain thing and they bet on it and make moeny? Or what if he bets on it himself?
These are just the questions ive always had about it.

That's a great point about insider information. This is actually one of the biggest weaknesses of prediction markets like Polymarket. There's no system that can fully prevent people with inside knowledge from taking advantage of it. If that happens, it's not really a prediction anymore it's just cheating. And this is also one of the reasons why regulators find it hard to trust platforms like this to operate fairly.

[KTChampions]

Boo fucking hoo. They also passed the law to tax unrealized gains on stocks and crypto recently. At this point the Netherlands is committing suicide or they are getting sabotaged. I find first scenario to be more realistic since I see some Dutch people have no problems with what’s going on.

Look where we are now. We can’t even use our crypto to bet on future events. We are cooked.

News from Europe (and frankly from everywhere, if it's news about regulation) resembles news from a madhouse. Totalitarianism is encroaching everywhere. Even on the internet, a huge number of countries are starting to require full user verification, supposedly to protect children. But first, I'd like to know who gave these bastards the right to ban social media for children under a certain age. It's none of their business. Such legislators should first be sent to forced rehab and then to prison.

[Sandra_hakeem]

Look where we are now. We can’t even use our crypto to bet on future events. We are cooked.

It's not even far fetched. Afaik, polymarket has been able to sketch themselves on a different segment of what the sell out to the general public; what they believe is different from other regular gambling sites, but there's nothing really different going on. Just like everyone has mentioned, a ton of vpns can save time and money!

What i don't agree with is telling people how they can or cannot spend their money. If someone wants to use the platform then let them.

They're not telling people how to spend their money, they just need a cut! This looks more like trying to get a quarter of said site to compulsorily acquire a license (which is the proper thing to have done no doubt), but for what now? Taxation policies obviously.