GOLDMAN SACHS BANS EMPLOYEES FROM BETTING ON PREDICTION MARKETS

[CryptoHeadlineNews]

Goldman Sachs has updated its personal trading policy to ban employees from wagering on prediction market contracts, according to Bloomberg. Employees at Goldman Sachs are now prohibited from placing prediction market bets on event contracts involving specific companies, electoral outcomes, financial market performance, macroeconomic data, and geopolitics, after the bank revised its personal trading rules, Bloomberg reports. Sports and entertainment bets remain permitted under the policy.

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

Goldman Sachs is equally one of the biggest investment banks in the world, of which with its legal in the investment industry, it's very possible that it's staff are liable to have a first hand information of top investment secrets before it goes public. So for the company to have come up to directly place a ban on its employees from placing bets on prediction market as regards to investment and other other things that might relate to the very Field which the company is operating, is not a bad idea at all, because they are only trying to preserve the investment banks reputation. Because as long as it's employees are allowed to gamble on other sections like the Sports and entertainment industries, it's a welcome development which other companies need to adopt rather than totally banning gambling by its staff.

[Smartprofit]

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

By the way, I think this is one explanation for why Bitcoin's price isn't rising. People used to sign up for cryptocurrency exchanges and buy (or sell) Bitcoin and other cryptocurrencies. Now, people sign up for Polymarket and bet on the price of Bitcoin or Solana. Essentially, they're buying a financial derivative (futures). They're not buying Bitcoin, much less withdrawing it to their cold wallets. 🙋

This is, of course, just my comment, not a call to ban trading on the Polymarket prediction platform! I'm generally against any bans.

As for Goldman Sachs, they're probably doing this to combat insider trading... They stand to suffer significant losses from clients if clients suspect Goldman Sachs employees are divulging their secrets. No one likes a gambling addict, especially if those addicts are divulging your secrets to others. Therefore, the actions of Goldman Sachs management are completely rational.  💁

[Cryptomultiplier]

It's a great step in the right direction for Goldman Sachs with such a policy update that is highly calculated and may be effective enough to protect proprietary data from private workers who aim to use it to their advantage on the predictions market and event contracts outside of the need-to-know privacy compliance policies of the company.

If all other major big tech companies like Google, logistics firms also, the military, top government offices and major companies and establishment can take same bold step, am sure it would save the palava of lawsuits and fines and prison sentence that many of these workers in these organizations experience when they use private information to make personal profit outside the office.

[jeremypwr]

Good on them and rightfully so they should not be allowed.
If the idea is to prevent insider trading on these types of markets this is a good initiative.

[YOSHIE]

GOLDMAN SACHS BANS EMPLOYEES FROM BETTING ON PREDICTION MARKETS

Yes, I've read news about Goldman Sachs making strict rules for its employees not to bet on prediction markets, but there are exceptions to this prohibition rule.
Goldman Sachs allows their employees to bet on sports and entertainment, Goldman Sachs forbade him from betting on elections, stocks and others, the risk of those violating them being fired, in my opinion that is a natural thing, perhaps Goldman Sachs already knows the consequences/risks of making these bets.

One side of Goldman Sachs' actions is that it is good for employees to maintain the privacy and confidentiality of the company, the prohibition rule for employees is not allowed to bet on certain bets in the prediction market if it aims to maintain the reputation of the Goldman Sachs company, I think that is reasonable andsporty.

[Agbamoni]

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

The temptation of visiting the prediction market can make an employee shift from betting on assets like bitcoin to start betting on markets that they can manipulate. Goldman Sachs wants to avoid any form of temptation by restricting their employees from visiting the prediction market at all. The best cure is prevention, so I think it is exactly what Goldman Sachs has done.

[Fiatless]

Good on them and rightfully so they should not be allowed.
If the idea is to prevent insider trading on these types of markets this is a good initiative.

It's a good move. But these criminals will still look for other means to profit from insider information. I read of a footballer who used his friends and family members' accounts to bet on games he had fixed. Anyway, I appreciate Goldman Sachs for this bold step. My grandfather would always say A step at a time.

[Bitcoin_Arena]

This is supposed to be the standard practice. Employees of such financial institutions, political leaders or politically exposed persons and then their close relatives are even supposed to be allowed to sign up on such platforms

But remember some of those platforms (the prediction markets) have relaxed KYC requirements, so those employees will bet on the markets one way or the other.

[Ronsbit]

Banning them from some certain betting events does not deter them from gambling or betting. They could still leak out information if they want to do so. What stops them from meeting a total outsider and selling information to them to use in betting? Do you think they can not do so? Just pray they do not rebel against the constituted authority in that aspect, because everyone has the right to bet and gamble as it pleases them.

[coin-investor]

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

This is respect for their workers' need to do what they please, while also reminding them that they should not exploit the company's internal information for their own gain.
I'm sure they have a written agreement regarding this and have enlightened their workers about what happened to Google.
You can't really stop your employees from betting in prediction markets; you can only remind them to be responsible employees.

[Nwada001]

This is a good move, and I expect more organisations and even the goverment to place such restrictions. It is unfair for common gamblers to be placing contracts genuinely; insiders are making money fraudulently. The preiction market will always be prone to manippulations but taking these preventive steps would go a long way. The company shouldnt just ban thier employees, relations and freinds should also be restricted.

And since the popularity of prediction markets, we have seen many cases of this insider trading, especially this year, with many being discovered and more yet to be made public. Imagine insider trading happening if it's down to what can be considered national secrets; companies' employees can also do worse if there are no stricter rules to prevent them from it.

[Dunamisx]

I like the way they put this law in place because some will definitely take advantage of it and use the inside information they have to bypass the due process in the prediction market, but I'm not even saying this just to display a supportive motive over going for the prediction market but some things should be totally avoided when it comes to situations like this in the prediction market.

[Bryan jessy]

It is so unfortunate that employers tend to control their employee in some little ways they see a means to, this employee are human and aside the job they have a life out there so trying to monitor whatever they do is like middling with their affairs, in gambling games I doubt if the employees have access to the game system talk more of knowing the main games as to be sure of which is a winning game because they will not be so transparent to an employee, and I don't think the technologist who programmed the games will still gamble on that same game.

[Odohu]

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

I think the idea of banning their workers from prediction market is to avoid insider trading. Such decision is a welcomed development because without it, there will be serious damage to the reputation of the group. There may be other reasons they took this decisions but this is just my thinking. The prediction market can easily be exploited by people with access to privileged information such as those in government,  top businessmen and other high society people. Strict approach is needed sometimes to guard against conflict of interest.

[Shinpako09]

They can ban employees from betting, but those employees could still share information with others for money or find people to bet for them.

That is what greedy people do. They will always find a way to benefit, especially if they are already in a position where they can get useful information.
That is called insider information, and it is very useful not only in trading but also in betting.

Correct, greedy people will take advantage of this loophole. Imagine having that kind of information and the opportunity to turn it into a fortune. That would be very hard for some people to resist.

It's really unfair, not just to other bettors but also to those companies. I guess they are already aware of this issue, and if there aren't any rules regarding it yet, I'm sure they will add some later, along with heavier fines or stricter consequences, so their employees will think twice before doing it.

[Hazink]

I like the way they put this law in place because some will definitely take advantage of it and use the inside information they have to bypass the due process in the prediction market, but I'm not even saying this just to display a supportive motive over going for the prediction market but some things should be totally avoided when it comes to situations like this in the prediction market.

One thing I like about this law is the fact that they only target the possible events which the employees can take advantage of and limit them from taking part in such bets, but they are allowed to bet on sport and other activities, even on the prediction market, as long as it doesn't have to do with anything related to the company.

[r_victory]

I consider it appropriate for preventing illicit gains from insider information. It is a way for the organization itself to protect against the adverse consequences of unnecessary lawsuits and investigations. A company can often be held liable even for the actions its employees take outside of work.

[BALIK]

It was always a question for me why would a company interfere in personal life. Why cant employee go home, watch financial news, think about chances and make prediction that market will go up or down ? A bigger question, how would a company find out that their employees are placing predictions? Are they stalking their employees? Can a bet be a reflection of bettors own opinion, experience, free choice? Turns out not, because it is prohibited.

But there is a blind spot that we cannot accept.

What if you work at Goldman?
It would not be unusual for you to have access to deal flow, M&A rumors or macro intel.
In such a case, your personal opinion is no longer personal.
That becomes 100% insider trading. We saw exactly this in the Google case.

So I would say that it would be better if there were strict rules on sensitive topics to keep the market fair. But sports and entertainment should definitely be kept out of it.
I definitely respect the privacy of company employees, but we definitely demand better from prediction platforms. Otherwise, the whole thing will become a fixed game for influential circles.

[Lida93]

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

According to the article there are some companies like Hedge funds Point72 Asset Management and Balyasny Asset Management that took stricter measures in their policy update, so it's just only that we can say GOLDMAN SACHS are lenient in their action which not only geared towards protecting the outsiders (public) but also protecting it's company image and building stronger trust for itself.

I think events as sports and others related weren't included in the scope of banned events and I believe the company must have gotten a strong reason for including event assets like bitcoin which people like us may not be aware of.

[Oshio-man]

For such ban to happened to some particular employees in the organization show that there are some wrong doing that is happening that is not making the owner to gain what they have been gaining from the organization, I don't think their employees with be happy about this bad news because they know how much they are earning from betting and is no longer making them to depend on their salary alone, what I know about bitcoin and betting prediction is difficult to come through but if you keep predicting with what you can afford to lose and your dreams will definitely going to come to reality.