Polymarket has self exclusion

[Cgrexp]

Everything can be gambling and compulsive behavior if you frame it that way in your head.  I'm sure some shopping websites should have self exclusion on them because some people are seriously addicted to shopping for items they dont even need or already have duplicates of.
  Just having that option isnt any kind of negative, in theory it should be an option everywhere as its not too much ask for as an option.

Yeah, i totally agree with you, but for me, i think there is a difference between having a hobby and dealing with an actual problem due to compulsive behaviors. And when it comes to gambling, having a self exclusion is very important due to the fact how the individuals stands the riskof financial harm. which is not the same with shopping websites. Because when an individual buys too many items he isn't in need of, the possibility of him selling it back is very high, and he will recover his money back, unlike gambling whereby if you lose, it has lost forever, and can't be resold or exchange for another item. So thats the huge difference between gambling. 

I understand your point of view. I believe that the key is that a hobby isn't a problem in itself, but when it becomes an addiction and begins to impact the individual's finances or normal life. Gambling can also be dangerous because they can lose the money and nothing is of value to them in return which they can get back or sell. Which is why tools such as self-exclusion are very useful to people who feel they are losing control. Shopping can also be unhealthy, but its effects are very different as well as the manner in which they occur.

There is no reason to view a hobby or recreational activity as a problem. The main issue is how much it is affecting the person's finances and daily life. If the activity gets out of control. And it starts spending more time or money than necessary, then that is the main problem. If a player loses money, they may also tend to return to gambling to make up for the losses. Risking more money in an attempt to get back the money they have lost can quickly worsen the situation. If someone realizes that they are unable to control their gambling habit, then it may be a realistic step to distance themselves from that platform or activity for a certain period of time. Gambling and excessive shopping are not the same type of behavior. While there are some similarities in addiction between the two, there are significant differences in the type of loss, the financial impact, and how the behavior affects people.

[macson]

From the beginning, I also thought that they were a gambling platform. It's just that they made it seem like they weren't, with their supposedly more flexible trading mechanism. But basically, it's still gambling when what people are doing is speculating on future uncertainties. If that's the case, then setting limits like self-exclusion still makes sense for users who feel they have an addiction problem.

[sompitonov]

From the beginning, I also thought that they were a gambling platform. It's just that they made it seem like they weren't, with their supposedly more flexible trading mechanism. But basically, it's still gambling when what people are doing is speculating on future uncertainties. If that's the case, then setting limits like self-exclusion still makes sense for users who feel they have an addiction problem.

It is also possible that their business margins are higher than those of traditional casinos, though there simply isn't a massive big-data sample size yet. And, of course, the potential for addiction may be just as high it is simply that bettors aren't used to these types of predictions. Everyone believes their own forecasts are unique even though few conduct thorough analyses or truly delve into the details and they often lack a comprehensive view of the event as a whole. All of this leads the bettor to believe they are an excellent forecaster only financial losses prove otherwise and, unfortunately, sometimes even that isn't enough.

[Alex077]

...Everyone believes their own forecasts are unique even though few conduct thorough analyses or truly delve into the details and they often lack a comprehensive view of the event as a whole. All of this leads the bettor to believe they are an excellent forecaster only financial losses prove otherwise and, unfortunately, sometimes even that isn't enough.

I think self-exclusion really does make sense in the case of Polymarket, even if prediction markets are technically different from traditional casinos. For the user, the difference may not actually be that big: they’re risking money trying to make a profit from the outcome of an event, and at the same time, it’s very easy to start overestimating their own ability to predict the result.

In fact, there’s an additional risk here - people may feel like they’re not gambling at all, but rather “trading” or investing based on their own analysis. So after a few losses, they may not see it as a typical gambling problem and instead think they just got their analysis wrong and that the next bet will definitely be better.

If someone realizes they’re starting to lose control over their spending and constantly trying to win back what they lost, they should have a simple way to stop themselves.

[5W-KILO]

Anything that's speculative and prediction related is an act of gambling, prediction markets want to appear different but to be honest they are the same as online casinos or sport bets platforms.

Self exclusion is important in this case because people easily lose their tracks when it comes to prediction and making money, I expect anything gambling related to have self exclusion ability.

Mind you, this ability isn't for everyone, some people knows when to stop and some people how to risk what they can afford to lose.

[Floxynice]

In trading, you can set stop loss among other risks management features or strategies you may adopt. In prediction markets, are there any risks management/control features that users can adopt? I don't think anything like that exists except the traders in the prediction markets have to exhibit high level of discipline and self control.

Even though the prediction markets are yet to admit it, the prediction market have almost same features like the gambling market. The inclusion of self exclusion features just gives another reason to prove that they align more with the gambling industry. In the future, more features that resembles gambling features will be introduced.

[Hatchy]

In trading, you can set stop loss among other risks management features or strategies you may adopt. In prediction markets, are there any risks management/control features that users can adopt? I don't think anything like that exists except the traders in the prediction markets have to exhibit high level of discipline and self control.

Even though the prediction markets are yet to admit it, the prediction market have almost same features like the gambling market. The inclusion of self exclusion features just gives another reason to prove that they align more with the gambling industry. In the future, more features that resembles gambling features will be introduced.

Not until recently did I realize that prediction markets are not considered gambling. I honestly always saw them as a form of gambling, just a more advanced version since people can bet on real-world events. Is there really that much difference? I don't understand why they don't consider themselves gambling because, in my opinion, it doesn't change the fact that people are still taking risks based on the outcome of an event. People should also have the option to self-exclude from these platforms because they involve emotions, money, and risk. If a bettor feels they are getting carried away, they should be able to request a temporary or permanent restriction on their account.This feature should be available on all gambling and prediction platforms and, more importantly, it should be properly enforced and fully functional.

[Floxynice]

In trading, you can set stop loss among other risks management features or strategies you may adopt. In prediction markets, are there any risks management/control features that users can adopt? I don't think anything like that exists except the traders in the prediction markets have to exhibit high level of discipline and self control.

Even though the prediction markets are yet to admit it, the prediction market have almost same features like the gambling market. The inclusion of self exclusion features just gives another reason to prove that they align more with the gambling industry. In the future, more features that resembles gambling features will be introduced.

Not until recently did I realize that prediction markets are not considered gambling. I honestly always saw them as a form of gambling, just a more advanced version since people can bet on real-world events. Is there really that much difference? I don't understand why they don't consider themselves gambling because, in my opinion, it doesn't change the fact that people are still taking risks based on the outcome of an event. People should also have the option to self-exclude from these platforms because they involve emotions, money, and risk. If a bettor feels they are getting carried away, they should be able to request a temporary or permanent restriction on their account.This feature should be available on all gambling and prediction platforms and, more importantly, it should be properly enforced and fully functional.

I think the reason they are not agreeing to being part of the gambling industry is because they are trying to avoid regulatory issues if they identify as gambling. There should be something in between that the prediction markets are trying to avoid. But whether they admit it or not, it doesn't remove the fact that the prediction market is as risky as gambling. It is good that they have now considered their traders and the extent of vulnerability they may be experiencing, hence the need for a self exclusion feature. It is not a bad idea for them.

[DrBeer]

Despite all the praise for the platform, I still tend to think that it has ceased to be a forum for predictions and has instead become a platform for betting on events. Yes, that doesn’t sound very nice, but it’s closer to reality than the "sacred reputation of an almost scientific research platform" - —just kidding, of course

Be that as it may, people are pouring money into it, and people are making money there. At the same time, there’s a process that’s similar to the concept of "to win, guess the probability of an event", and that, as far as I can tell, is the basis of how casinos operate. That’s why they should also adopt some of those rules.
No, I’m not insisting on it - I’m just saying that otherwise, there will be tens, hundreds, and thousands of "victims" claiming that "Polymarket didn’t let them self-exclude".
It’s better to anticipate a potential problem than to have to "heroically fight" it later!

[lombok]

I think the reason they are not agreeing to being part of the gambling industry is because they are trying to avoid regulatory issues if they identify as gambling. There should be something in between that the prediction markets are trying to avoid. But whether they admit it or not, it doesn't remove the fact that the prediction market is as risky as gambling. It is good that they have now considered their traders and the extent of vulnerability they may be experiencing, hence the need for a self exclusion feature. It is not a bad idea for them.

Indeed, the reason why forecast market are not labeled as bet is based on the fear of being subjected to legal repercussions. It is intentional to label the activity speculative options trading to make it appear something else than gambling.

In reality, risk of losing the total saving amount remains for every participant who engages in probability prediction. The existence of an independent account blocking system indicates the recognition of the company about the significance of psychological well being of its clients.

[Obari]

Is it still a debate that the prediction market is already a gambling industry? Nah I don't think so because I already concluded within me that the prediction market is a gambling market because it has exactly same features like  gambling and if I'm not wrong, I think the prediction market is also allowed to open market on famous sport events. I see the newly added feature as a very good and commendable one because with the rate at which people are trooping into true prediction market maybe they think is an escape route from the traditional gambling.

[Reid]

It's the right thing to do. Even if it causes them to somehow admit that they are like a gambling platform, then it should be fine. This way, they are also saying to the world that they are not forcing anyone to play or gamble using their service. A person has a choice to self-exclude himself so that he won't receive any promotions or bonuses from them. It doesn't matter what the POV of the people or the government is to them. They need to use methods that will protect their business too and self-exclusion can be one of them.

[Dogedegen]

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.

here's the report if you guys are interested.

Why are you complaining about something that is good? Why try to make it evil or even criticize the company for doing this? This kind of limits should be introduced in every single video game that has micro transactions, that has those random boxes and many other things. If someone is adopting a good function from gambling platforms, we should not criticize them or try to abuse the case against them. We should be happy that they are doing this, and encourage others to also do the same. There is never enough of such functions, and people must be careful what they wish for and what they criticize. Polymarket is a prediction market, they are not a gambling platform.

I think the reason they are not agreeing to being part of the gambling industry is because they are trying to avoid regulatory issues if they identify as gambling. There should be something in between that the prediction markets are trying to avoid. But whether they admit it or not, it doesn't remove the fact that the prediction market is as risky as gambling. It is good that they have now considered their traders and the extent of vulnerability they may be experiencing, hence the need for a self exclusion feature. It is not a bad idea for them.

Indeed, the reason why forecast market are not labeled as bet is based on the fear of being subjected to legal repercussions. It is intentional to label the activity speculative options trading to make it appear something else than gambling.

In reality, risk of losing the total saving amount remains for every participant who engages in probability prediction. The existence of an independent account blocking system indicates the recognition of the company about the significance of psychological well being of its clients.

If predictions are gambling, then most trading options on investment platforms are also gambling and this definitely would be true for leverage and options trading. So let's sit down and stop generalizing falsely things. Polymarket is not gambling, and the definition of what is gambling is not simple or clear as some users imply.

[Floxynice]

I think the reason they are not agreeing to being part of the gambling industry is because they are trying to avoid regulatory issues if they identify as gambling. There should be something in between that the prediction markets are trying to avoid. But whether they admit it or not, it doesn't remove the fact that the prediction market is as risky as gambling. It is good that they have now considered their traders and the extent of vulnerability they may be experiencing, hence the need for a self exclusion feature. It is not a bad idea for them.

Indeed, the reason why forecast market are not labeled as bet is based on the fear of being subjected to legal repercussions. It is intentional to label the activity speculative options trading to make it appear something else than gambling.

In reality, risk of losing the total saving amount remains for every participant who engages in probability prediction. The existence of an independent account blocking system indicates the recognition of the company about the significance of psychological well being of its clients.

If predictions are gambling, then most trading options on investment platforms are also gambling and this definitely would be true for leverage and options trading. So let's sit down and stop generalizing falsely things. Polymarket is not gambling, and the definition of what is gambling is not simple or clear as some users imply.

Regardless of what anyone choose to call it base on their personal opinion, the risks still remains. Rather than argue over whether polymarket is into gambling or not, the users of polymarket services should simply embrace the self exclusion benefit they now have, otherwise, we may not be able to differentiate what kind of addiction they are struggling with; whether it is an addiction from gambling with their money and calling it trading, or an addiction from actual trading.