Polymarket has self exclusion

[Cantsay]

FACTS, it is as easy as ABC, I don't see any difference between Polymarket and conventional sports betting as both of them are the same, I think Polymarket is even worse because of the array of options it gives its user, hence they deemed it fit to implement the self-esclursion feature to help compulsive gamblers [I see Polymarket traders as gamblers] so don't he deceived by the name, they are the same, just on different event

Whenever I hear people say that they would rather indulge in prediction markets than for them to "gamble" it makes me laugh. Because the definition of gambling has to do with betting your money on "uncertain" outcomes which both the prediction market, sports betting and casino games (gambling) fulfil.

The only angle I see them coming from would be the structure and possibly the purpose each of them is supposed to serve, but aside that, they are all the same nothing and, just like you said, prediction market gives a wider options to those involved in them.

[Pandorak]

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.

In my opinion, a hobby should be something enjoyable to do, not something that causes new problems, especially when it comes to financial issues. In this case, if the consequence of overdoing it is a loss, you should reconsider. For that reason, self exclusion may be the best option right now for those who feel you are starting to lose control, this helps minimize the impact of even greater losses if you decide to continue with that habit.

[tread93]

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.

read the full story

Deposit Limits, Self-Exclusion
As gaming companies have done in the past, Polymarket also introduced deposit limits and self-exclusion guardrails for traders who feel as though they may be getting carried with event contracts.

Polymarket clients considering self-exclusion have several options from which to choose, spanning temporary cooling-off periods up to lifetime halts.

“These tools give users greater control over their activity on Polymarket. Traders can voluntarily exclude themselves from the platform for periods ranging from 30 days to one year to a lifetime,” according to the statement. “U.S. users can also set daily, weekly or monthly deposit limits across all funding methods. Lowering a limit takes effect immediately, while raising or removing one requires a cooling-off period.”

Polymarket, which recently went live in the U.S., accepts deposits in a variety of ways, including Apple Pay, bank transfers, credit and debit cards and cryptocurrency.

It’s crazy to think that just a few short years ago that prediction markets were not really a thing. Now you see these social media influencers chumming it up on the socials and going prediction wild and shilling their invite links onto these platforms. I think these are great things to have included in their plan the self exclusion limits.

[Dogedegen]

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.

In my opinion, a hobby should be something enjoyable to do, not something that causes new problems, especially when it comes to financial issues. In this case, if the consequence of overdoing it is a loss, you should reconsider. For that reason, self exclusion may be the best option right now for those who feel you are starting to lose control, this helps minimize the impact of even greater losses if you decide to continue with that habit.

Your description is correct, but the practice of our world sadly paints a different picture. I think in many cases of hobbies people get addicted to it to some way, it does not have to cause financial issues to be an addiction of some level. Gambling is prone to cause financial issues or investing because it is high pace and it directly works with money. If your hobby is watching shows and movies, you are limited with the number of platforms you can subscribe to and the time you can spend since it takes a lot. But if you think about video games too, many people buy and buy games and almost never play them. That shows a sign of an unhealthy hobby and addiction. Sadly many things in the modern life are designed in a way to enable more addiction instead of suppressing it.

[OgNasty]

I’m sure this is an effort to help get into more markets. It may not actually do anything, but it shows they’re making an effort to let addicted gamblers avoid their service. That goes a long way when you’re in talks about regulation with lawmakers. They’re going to get gambling opened up to a lot more markets.

[ZeroVinsonN]

I’m sure this is an effort to help get into more markets. It may not actually do anything, but it shows they’re making an effort to let addicted gamblers avoid their service. That goes a long way when you’re in talks about regulation with lawmakers. They’re going to get gambling opened up to a lot more markets.

As long as it means people can decide to stay away from their services even it's just for a while and that they themselves actually support such an initiative then it's a good thing, there have been so many claims that their services are different from gambling but now those claims can't stand when users are effectively going through the same negativities gambler go through.
So people say this is too extreme, you can just delete your account if you want to but they forget that's not how addiction works, an addict can delete his account this morning and create a new one by noon but by creating a system where their very identities have been restricted from your poly market's services makes such cut around difficult.