Are prediction markets a threat to casinos' jobs in the US and Canada

[aioc]

There is an appeal letter from UNITEHERE to the US Congress asking it to protect workers' jobs from illegal prediction-market gambling. Part of their letter reads:

Prediction markets are putting good, union jobs in the gaming industry at risk. Over 100,000 UNITE HERE members work in Tribal and commercial casinos. Their livelihoods are now threatened by prediction markets conducting illegal sports betting in violation of Tribal sovereignty and state laws across the country

“Congress must take immediate action to ban prediction markets from conducting sports betting and casino style games.

UNITE HERE President: Congress Must Act to Protect Good Jobs from Illegal Prediction Market Gambling

UNITE HERE is the largest union of gaming industry workers in the US, representing over 100,000 workers in Tribal and commercial casinos. In total, our union represents 300,000 working people across Canada and the United States. UNITE HERE members work in the hotel, gaming, food service, manufacturing, textile, distribution, laundry, transportation, and airport industries.

Do you think their jobs are threatened by the prediction market, and Congress should eventually ban the prediction market in territories where UNITEHERE controls?

[Sandra_hakeem]

There is an appeal letter from UNITEHERE to the US Congress asking it to protect workers' jobs from illegal prediction-market gambling. Part of their letter reads:

UNITE HERE is the largest union of gaming industry workers in the US, representing over 100,000 workers in Tribal and commercial casinos. In total, our union represents 300,000 working people across Canada and the United States. UNITE HERE members work in the hotel, gaming, food service, manufacturing, textile, distribution, laundry, transportation, and airport industries.

Do you think their jobs are threatened by the prediction market, and Congress should eventually ban the prediction market in territories where UNITEHERE controls?

I don't know if it has something to do with the fact that some poly market staffs are so corrupt that they will do anything for their selfish interest, or if it spans beyond that, but I don't find anything interesting about poly market so I support that the government across Canada and the US bans their services.On the other hand, I'm not part of the UNITEHERE industry workers so I can't tell how affected they are by the intruding labour force, so I guess it doesn't matter. It's left for the Congress to decide.

[Perfectbaby]

At first you should be able to know there are millions of people out there sourcing for an employment. They can easily get people to work with them but for them to say it is a threaten to them is making it being suspicious of competition as they would not be a able to have much people patronizing them they will try with anything possible just to make sure they have pulled down the predictions market. As I know for sure is, that there are people with no jobs so the prediction market alone can not hire all the people seeking for Job so is better for them to seat up and stop thinking that any one out there is a competitor to them.

[Frankolala]

Polymarket don't have casino games which will make those that are lovers of casino games continue to use casinos for their gambling activities. Prediction market proclaimed that they're not a gambling platform but there activities shows that they are similar to casinos. I think for that reason, government should bound them from sportbet to save gambling sites.

[coin-investor]

If it threatens hundreds of thousands of workers, then they should proceed to ban Polymarket and protect the livelihood of these people. Prediction markets' reputation has been tarnished by insider-bet manipulation, and now they pose a threat to legal workers.
The UNITEHERE members are an integral part of the US and Canada gambling industries, and their cause and livelihood should be protected.

[Wakate]

I don't really know what others may think about prediction market of it affecting real jobs and really casinos but this is not what we supposed to be thinking about. The government has the power to ban prediction market and they can also overlook the matter because they are getting taxes of gambling wins which has been a good source of revenue for them.

[danherbias07]

They should be banned if illegal. If not, then they could petition for something else. Like looking at the statistics, if there are a lot of employees who are being fired because of the new prediction market. They have the numbers, I am sure about that. But if those prediction markets are paying better taxes than the online casinos that they are working for, then it's probably going to be a rough road ahead of them. I don't see a government trying to waste money when there's a lot of tax revenue in front of them. That's how it is now. Money first, people later. 

Anyway, I am pro on this move. I hope they win the hearts of Congress or the Senate. But they may need some proof that many casinos have already discharged their employees to gain more strength in what they are fighting for.

[Agbe]

UNITE-HERE is union (Pressure Group) fighting for their personal interest and not the citizens of US therefore if the prediction market is against the people's will in the US, let the Congress look into the matter. But when business group or union wants to fight for their interest, they would propagate things that are not real to blackmail the subject. If the workers in the gaming industry is at risk because of the prediction market, UNITE-HERE shall use legal battle too because Prediction market is not illegal but operating legally in the regions. There might be risk in the future when the number of prediction market increase but for now I don't think so.

[Dr.Bitcoin_Strange]

I have read the article you shared but yet I don't completely understand why they say poly market is threatening the jobs of their member, maybe someone can share more light on that, if I should take a guess, then probably they mean that polymarket is taking so much customers from their bricks and mortar casinos and bookies, as a result the land based casinos no longer see customers as much as before or what they also mean is that the workers are now beginning to fully depend on gambling in the polymarket instead of focusing on their job, I might be wrong.

[shinratensei_]

Congress should eventually ban the prediction market in territories where UNITEHERE controls?

Congress should have banned it. I don't see a reason to allow prediction market when it gives no benefit to the majority of people in that countries. However, since prediction market becomes money generator for Trump and his cronies. I dont think it can happen because believe me, Trump will veto congress ban on Prediction Market.
The good part is prediction market is already banned in my country. hopefully. US is also doing the same.

Nevertheles, there is a very strong conflict interest in here.

[r_victory]

I don't think they are a threat, but rather another source of jobs. Of course, within the law, being regulated just like casinos are. When we deal with illegal betting or, in this case, prediction markets, it's not a threat to jobs but a threat to the economy. Seeing this “manifesto” from UNITEHERE reminded me of the beginning of Uber here in Brazil; there were even fights. Taxi drivers, feeling threatened, would even assault Uber drivers. I know they are completely different markets, but I made the mention precisely to emphasize the fear of the new; generally, anything different from the traditional represents a threat until equilibrium is established and the novelty ceases to exist.

[Chinesebaby]

UNITE HERE is the largest union of gaming industry workers in the US, representing over 100,000 workers in Tribal and commercial casinos. In total, our union represents 300,000 working people across Canada and the United States. UNITE HERE members work in the hotel, gaming, food service, manufacturing, textile, distribution, laundry, transportation, and airport industries.

Do you think their jobs are threatened by the prediction market, and Congress should eventually ban the prediction market in territories where UNITEHERE controls?

Over the past months, if I'm not mistaken, there have been several news of each government of different regions placing a ban on the prediction markets for organizing the betting on critical things that people ought not to have gambled on. And for that reason, maybe the general gambling community saw that as a threat, since they operate almost the same style of gambling. But just that when it coes to prediction market, it's scenarios for prediction are almost too sensitive for the general public. And for me, I won't support that prediction market should be totally banned, because just the same way the gambling casinos have got lots of employees who benefits from it. The prediction market now have its employees too.

[Slow death]

This prediction market has opened doors for many people to make a lot of money thanks to insider information, and it will be very difficult to prevent someone with insider information from profiting from this market. Therefore, the government has only two options: ban prediction markets altogether and solve the problem once and for all, or allow prediction markets to exist and accept that people will always engage in gambling thanks to insider information.

So what this organization is asking for should be: a complete ban on the prediction market. Now the question is how long the government could ban the prediction market, since once millions of people like it, the government will give in and allow this market to operate.

[Fiatless]

Do these protesting workers want people who work in the prediction market to become jobless? Banning prediction market platforms will also cause unemployment, so the government has to be careful and considerate. I am not a fan of prediction platforms and I don't think I would ever be committed to it. My take is that there will always be conventional gambling, so the perception that the popularity of prediction markets will lead to a drop in revenue of other gambling platforms is wrong.

However, I support the ban of unregistered prediction market platforms. This is because they can easily be manipulated.

[Davidvictorson]

What I want to understand is that, it this about prediction market or illegal prediction market. In my estimation, prediction market are gambling businesses and as such there is no threat to casino business. In addition, to be best of my knowledge most US states have a ban on online casinos and prediction markets are online, therefore I do not see how they threaten jobs? Maybe I am getting it wrong but someone needs to explain this to me.

[Lida93]

I don't really know what others may think about prediction market of it affecting real jobs and really casinos but this is not what we supposed to be thinking about. The government has the power to ban prediction market and they can also overlook the matter because they are getting taxes of gambling wins which has been a good source of revenue for them.

Like I don't get it why the thought way is pedalled towards this without taking into consideration about the negative sides of the prediction market which has really being prevalent recently as insiders has being caught with leaking of what should have being a confidential information. The whole issue of manipulations surrounding the market actually makes it more worse not to be banned by government.

[nikola22]

I don't really know what others may think about prediction market of it affecting real jobs and really casinos but this is not what we supposed to be thinking about. The government has the power to ban prediction market and they can also overlook the matter because they are getting taxes of gambling wins which has been a good source of revenue for them.

prediction markets don't pose much of a threat to traditional casinos but they can take away some of bookmakers' customers because they offer sports betting. as for me, traditional bookmakers are more preferable because they offer a wider range of match betting options. prediction markets are good for real-world events, such as geopolitical factors, elections and military actions. given that the authorities are closely monitoring prediction markets they won't be so attractive soon.

[Alphakilo]

I don't really know what others may think about prediction market of it affecting real jobs and really casinos but this is not what we supposed to be thinking about. The government has the power to ban prediction market and they can also overlook the matter because they are getting taxes of gambling wins which has been a good source of revenue for them.

Like I don't get it why the thought way is pedalled towards this without taking into consideration about the negative sides of the prediction market which has really being prevalent recently as insiders has being caught with leaking of what should have being a confidential information. The whole issue of manipulations surrounding the market actually makes it more worse not to be banned by government.

I doubt the government would ban the predictions market from operations because someone believes they are a threat to casino jobs.
What I see is regulations.
Predictions market would have to be made to abide to regulatory frameworks instead of making them outlaws because I believe they also contribute to the revenue generation of the state.
If this regulations is achieved, it is left open as a choice to users to decide if they prefer the experience to casino jobs in these regions.

[Ayers]

They can easily get people to work with them but for them to say it is a threaten to them is making it being suspicious of competition as they would not be a able to have much people patronizing them they will try with anything possible just to make sure they have pulled down the predictions market.

You know casino is already in top position and have long enjoyed near monopoly on certain types of betting like slot or board games. If I talk about Polymarket they actually offer a more transparent and decentralized alternative. So in my opinion this competition usually will push both side to improve their best so that we can get a better service.

On the other hand, I'm not part of the UNITEHERE industry workers so I can't tell how affected they are by the intruding labour force, so I guess it doesn't matter. It's left for the Congress to decide.

The real problem lies elsewhere. Prediction markets are very different from the regular games of traditional casinos like slots, roulette or blackjack. They are basically betting on real event or incident in the world where the chances of winning and the odds of winning are much better and clearer. However the story goes that when they open license to bet on major sports events, it hits hard directly to the sportsbook's profit figures by a big margin

[AmoreJaz]

I don't really know what others may think about prediction market of it affecting real jobs and really casinos but this is not what we supposed to be thinking about. The government has the power to ban prediction market and they can also overlook the matter because they are getting taxes of gambling wins which has been a good source of revenue for them.

prediction markets don't pose much of a threat to traditional casinos but they can take away some of bookmakers' customers because they offer sports betting. as for me, traditional bookmakers are more preferable because they offer a wider range of match betting options. prediction markets are good for real-world events, such as geopolitical factors, elections and military actions. given that the authorities are closely monitoring prediction markets they won't be so attractive soon.

My take on here is that, don't ban but regulate and apply the same regulations as to regular bookmakers. These prediction markets should not be free from taxes or anything as they are operating like gambling sites. Thus, they should also comply with the protocols set under gambling category.