There's this news about Polymarket already acting more like gambling sites as they have announced Deposit Limits and Self-Exclusion... so I thought they were a prediction market, why are they now introducing the same protections we normally see on gambling platforms? self-exclusion is mainly there to help minimize gambling addiction, yet it is now being implemented here as well.
now, this is where regulators should look at it more closely, because if a prediction market sees the need to introduce responsible gambling tools then they should see them like gambling sites. no more prediction market industry, they should join the gambling industry.
I don't know if it's more a consequence of warnings or guidelines from the regulator, as eisen33 points out. But what's clear is that we all know those prediction markets are gambling. A new, different, unique kind of gambling, if you will, but gambling nonetheless. So far, they've managed to circumvent gambling regulations by exploiting legal loopholes, but I think that will gradually change, country by country.
Exactly what I was thinking about this. We know that even prediction markets are a sort of gambling because you are basically just making a bet that can be correct or wrong and you will either win some money or lose your money, which is exactly how gambling works, but since it's not straight up gambling, because there is a thin line there, just like how options and binary trading is basically gambling but just given the name of trading, because essentially, you are just making predictions about the future and betting with your money on it, and that's gambling, but options and binary trading is also not considered gambling.
Polymarket or any other platform that will start providing their users with tools and limits that are generally given to gamblers are just indirectly connecting themselves with the gambling industry and are giving regulators the opportunity to impose the same rules on them that they do on casino platforms. They should have thought about this before, because just like I mentioned, even though binary trading is also sort of gambling, but they don't give options such as self-exclusion to their users, because they don't consider it gambling, they think you can make money from it in the long run if you follow strategies, but it's a lie, however, they know there is a thin line that they don't need to cross.
