Polymarket has self exclusion

[Somegory]

Self exclusion on prediction markets is now a thing? Oh dear, people are now getting addicted to prediction market too? I guess we will end up having more numbers of addicted gamblers than before..

It seems people are now getting too hooked to prediction market than before it seems, I am curious to ask this question, can or will crypto exchanges also implement self exclusion soon?

People are also getting addicted to crypto trading as well so maybe 🤔.

[Taskford]

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.

Looks like they are slowly showing their true colors now by adding such same like a gambling site feature.

But there are people still look at its as part of their seriousness to deal with the safety with their users. But the fact that they are now trying to adapt with the style or tools used by most of casino.

This now highlight that they are slowly crossing the line same as what casinos is usually tracking. If more feature same like this will be added, maybe in future regulators will start to think about that they are not different with other gambling sites.

[Jubilee58]

The poly market is also part of the gambling market, so there is nothing wrong if they also incorporate self exclusion into the platform. Gambling addiction is in every form of gambling, and when one feel carried away, and want to hold on or have some break such person should apply for self exclusion. I think gambling platforms are beginning to see the need to protect, and help gamblers to have controlled gambling lifestyle, even some countries are also doing the same without leaving it for gambling companies alone. Considering the risk in gambling, and how some people loose money, the introduction of self exclusion is indeed a very nice initiative, and is really helping some individuals who cannot stop gambling on their own to remain sane, and focused in attending to other activities, and giving full attention to other things that matters in their life. Gambling addiction can distant one from the cordial relationship between him, and family, friends and relations, it can be as be as bad as this for those who cannot gain full control over their gambling lifestyle, but self exclusion will help to remain responsible, and focused.

[rdluffy]

I was curious, so I went to check out that option
I didn't even know it existed until I read your post just now



It's really easy to find, and once you click “Pause Account,” the Self-Exclusion window pops up right away
However, I didn't go any further than that so I wouldn't risk accidentally blocking my main account

I'm going to check on another account to see if I can figure out how it works beyond this screen

[X-ray]

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 think this is mostly related to regulators putting pressure on Polymarket. In any case, it doesn’t really matter whether it’s a prediction market or a casino, in both cases, you’re putting your own money on the outcome of an event. Obviously prediction markets can be somewhat different because they cover a much wider range of events related to different areas of life, but the basic idea remains the same: you put your money on an event and risk it in order to win, or you lose your money if you’re wrong.

So I think people who are addicted, have weak willpower, and can’t manage to overcome their addictions may ask for self-exclusion. If Polymarket allows that, then I don’t think there’s anything wrong with it.

Even if it's due to the regulatory pressure, and it means the regulators see Polymarket is not different than a gambling site. It has a potential to make its trader gets addicted. The fact no traditional cexs have this feature, which is Polymarket can be considered as a gambling as well. So their claim about their product to be a future market is "false claim".

All of cexs are also offering future market, but they're not even implementing the shield to protect its users from getting addicted. So polymarket posses a greater risk than their claim as a future market.

Other than that here's an explanation about Poly's safety tool.

[Hatchy]

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 depends on how you choose to see it, though. To me, prediction markets are gambling sites. Just because they are not placed under the gambling category doesn't change the fact that you and I know they still involve gambling. If they decide to apply the same gambling regulations used for casinos, I don't think it would make much difference. Self-exclusion should be available for anything that involves predicting future events, including trading. I've seen people claim that trading destroyed their lives, but in many cases, it comes down to an addiction that wasn't stopped early enough. Regardless of whether it is called a prediction market or something else, it still involves gambling, so they must have a good reason for bringing this up now.

[Danish Ali]

In my opinion, the implementation of the self-exclusion system on Polymarket is a typical indulgence purchase. Polymarket is aware of the pressure from regulators and is trying to buy itself off (and protect itself) by implementing the self-exclusion system.

This comparison is honestly spot on. It's a bit of an indulgence. Companies can do this to appear to regulators to have addressed the issue, even though the problem is still there.

However, this isn't a classic gambling addiction, but an addiction to news, an addiction to immersion in the internet and virtual space, an addiction to absorbing and processing vast amounts of information.

I don't think a self-exclusion tool would help in that case.

Yes, it's possible that the original trigger is the "news/info" rather than gambling per se, but checking prices every few minutes when you have money riding on them is pretty much the same as pulling the lever on a slot machine, because the dopamine loop will be pretty much identical, I'd say.

So, yes, it's gambling addiction wearing a disguise of a "news junkie" behaviour. And as such, I don't think exclusion based on subject-matter might help, since the point isn't what you're betting on, but that you bet.

[stompix]

Poly: We are a decentralized prediction platform!
Poly: We are a prediction platform, not a gambling one! Predicting the score in a soccer game and putting money on the result is not gambling!
Poly: We are not gambling!!!!!!
Also Poly: Gambling on our site might be harmful so we offer you the option to exclude yourself from a decentralized platform, lol

Self-exclusion is not related only to gambling. People can exclude themselves from addictive activities to help them have control. P

Yeah, I just self-excluded myself from Burger King, Pizza Hut,  more than 4 beer brands and I'm on the no-sell list for vapes.../s

[Antotena]

Self exclusion on prediction markets is now a thing? Oh dear, people are now getting addicted to prediction market too? I guess we will end up having more numbers of addicted gamblers than before..

It seems people are now getting too hooked to prediction market than before it seems, I am curious to ask this question, can or will crypto exchanges also implement self exclusion soon?

People are also getting addicted to crypto trading as well so maybe 🤔.

There are many predictions market but the popular of them is Polymarket and that is because the government has been on their neck for long. There are many countries that has block their services and can't be access anywhere unless you use a VPN to access the website. So, I think they are trying to meet up the regulations demand so they don't become a place where they will be seeing as a problem. If you want to last long in business especially gambling, you have to make some adjustment.

Where I'm not sure next are the exchanges that offer prediction market and some conventional casino that offer prediction services. If this self exclusion is now mandatory, are going to stop the services because it will affect their main business. If an exchanges that allow people to make deposit in millions do this, it will affect them.

[KTChampions]

Poly: We are a decentralized prediction platform!
Poly: We are a prediction platform, not a gambling one! Predicting the score in a soccer game and putting money on the result is not gambling!
Poly: We are not gambling!!!!!!
Also Poly: Gambling on our site might be harmful so we offer you the option to exclude yourself from a decentralized platform, lol
~

This shit really pisses me off. And it all happens because of greed - Polymarket is trying to capture more markets/avoid being banned by regulators in those where it is already present -> they go to meet the regulators -> ruin the whole idea. I don't even want to look at the details of how they are going to implement self-exclusion on a supposedly decentralized platform, in any case, everything is moving towards anal KYC. It’s a sad story, but as the saying goes, nothing lasts forever - this project will die, and hopefully a new one will appear (and the cycle will start all over again, haha).

[Charles-Tim]

It's really easy to find, and once you click “Pause Account,” the Self-Exclusion window pops up right away
However, I didn't go any further than that so I wouldn't risk accidentally blocking my main account

I'm going to check on another account to see if I can figure out how it works beyond this screen

You can click on the start self-exclusion to know what will happen. It will still take you to the period you want the self-exclusion to be is what I think.

I have not tested it before, but they will show the period of time you want the self-exclusion to last or if you want it to be forever.

I tried to go through it on the it, but I did not see it on Polymarket.

[Findingnemo]

They are growing so we can see more such guidelines for them in the upcoming months, self exclusion isn't effective to stop gamblers from addicted but government think that is can save them and force the platforms to have it as mandatory one.

[rbynxx]

There's this news about Polymarket already acting more like gambling sites as they have announced Deposit Limits and Self-Exclusion

To be honest it's not news if they'll be doing like a lot of casinos do in the future because they really are gambling platform shedding as an entertainment platform and there has been numerous name-calling to them by a lot of institutions. I think they'll still deny it and would have other alibi in why they included that feature. I do hope the founders would list it as a gambling platform sooner than keep denying it, same to Kalshi and all these prediction markets.

[robelneo]

That could be their way to ease the regulatory pressure on them mentioned.

They have to show something that will protect their users, like what casinos are doing; they are going to add more features and rules just to stay in the game.
Let's admit it, prediction markets are getting a big slice of the market that casinos used to have. They have to satisfy regulators and users, but including self-exclusion alone is not enough; they have to do more.

[Pandu Geddon]

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.

Perhaps the exchange platform also needs to add that feature. Because there are also traders who are addicted to trading, a self-exclusion option may be needed for traders.

Regulations consider prediction markets and gambling to be different. Regarding the self-exclusion feature, I think that is not a criterion to make the two the same. Even though we know that the operations of prediction markets and gambling are not that different.

[crwth]

Maybe users were too dependent on Polymarket, which made this kind of feature necessary.

For sure, there are some technicalities they are trying to work through, and maybe they are doing this for the platform. Maybe it's based on contracts or licensing stuff. Unless their category isn't a gambling platform and they are trying to be.

[Zlantann]

Self-exclusion is not related only to gambling. People can exclude themselves from addictive activities to help them have control. P

Yeah, I just self-excluded myself from Burger King, Pizza Hut,  more than 4 beer brands and I'm on the no-sell list for vapes.../s

Is self exclusion related to only gambling?

No. Self-exclusion is not limited to gambling.

Self-exclusion is a voluntary process where a person chooses to restrict their own access to an activity, service, or environment that they feel is causing problems or is difficult to control.

Examples include:

Gambling: Blocking access to casinos, betting shops, or online gambling sites.
Gaming: Limiting or blocking access to online games if gaming becomes excessive.
Financial services: Restricting access to certain trading platforms or spending categories.
Alcohol-related programs: Some venues or support programs allow individuals to ban themselves from purchasing alcohol or entering specific establishments.
Online content: Using tools that block access to social media, adult content, or other websites that a person wants to avoid.
Shopping and spending: Some people use self-imposed restrictions to control compulsive shopping or excessive spending.

Source: ChatGPT

[Lannakosa]

Perhaps the exchange platform also needs to add that feature. Because there are also traders who are addicted to trading, a self-exclusion option may be needed for traders.

Regulations consider prediction markets and gambling to be different. Regarding the self-exclusion feature, I think that is not a criterion to make the two the same. Even though we know that the operations of prediction markets and gambling are not that different.

I also don’t think that introducing self exclusion on Polymarket necessarily makes it comparable to a casino in any way. And perhaps your point is also valid that exchanges should consider introducing self exclusion for traders who keep losing money and repeatedly come back to the exchange to trade. I think trading (and I’m talking about spot trading here) isn’t as risky as gambling, but for people who don’t understand trading very well, it can involve similarly high risks and lead to similarly large losses.

[L E G E N D A R Y]

Prediction market is just another form of gambling in disguise of investment and player can still get addicted. They present the platform as a trading place where people can invest but the real exchange for trading does not put this kind of limit rules and doesn't also put self exclusions service but gambling site does and in my opinion, the prediction market are also part of gambling and they definitely has seen the way people are playing and some are already getting addicted which could be the reason they have decided to implement this new rules. Some countries have banned prediction market saying they failed to comply with gambling policy since they already see them as no investment platform and just as Market capitalist said, with time other countries will still see the prediction market as gambling platform.

For many who have been into both of them, they’ll understand that the line between both gambling and the prediction market can get really blurry the moment people begin to treat every single event they come across on the market as something to bet on rather then something they first need to analyze and come up or arrive at a logical conclusion before going in. Every platform that involves betting or risking an amount of money for a reward can get addictive and the availability of self exclusion and spending limits is worth paying attention to because it means that even the platform understands the possibility of losing control.

[Elainebue]

Hmm i can kinda see why they added it though because once people are putting actual money on outcomes, the line between prediction market and gambling can get pretty blurry and the self exclusion part is interesting too, especially if they’re trying to make the platform feel more like a normal betting site.