Polymarket has self exclusion

[promise444c5]

Most people go to  Polymarket to gamble even though the whole setting looks like a form of trading.  

Hence,  the normal form of trading that people are used to is full of gamblers trying to make profit with some unrealistic and unimaginable risks. Still, we can’t just categorized them as gambling platforms just as you can’t categorize trading platforms as gambling.

They offer way too much to not expect those new features at some point anyway.

[Nwada001]

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.

Self-exclusion is not something that is only allowed for gambling; other activities that one can get addicted to also have the right to introduce. If it’s not already a former practice, it’s even right for Polymarket to add such a feature after all; they are not different from gambling, even though they are not bold enough to agree that they are.

[rdluffy]

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.

There is not sure that I have tested it before they will not sure 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.

Ok, did for you hehe



Here's the link I used: https://polymarket.com/settings?tab=account
After logging into your account, of course

That's as far as I can go without actually locking my account (which I don't want to do by accident)

[acroman08]

The fact that they are implementing this(not that I am against it or anything) just shows that they are more of a gambling platform than a "prediction market", as they want to call themselves. At this point, they should also add a "gamble responsibly" policy on their website. As some politicians in the US have said before to Kalshi/Polymarket(or at least similar to it), "it is still gambling even if you wrap it differently".

[Hispo]

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.

Polymarket is nothing but a betting website/service, they offer gambling services to people and they try to pretend to be a trading platform instead of a gambling one, so they don't need to get regulated and taxed properly by the government of the United States and the European Union.

The fact they have recognized they needed to implement these tools, it means they are aware there are users who have become addicted to their services, which resemble more to gambling/betting than it does to trading.

These new features are going to be used as evidence in lawsuits in which Polymarket is being tried for being an illegal gambling service in several States of the United States.

[Churchillvv]

Rule number 1: Never accept even if it’s obvious and when caught, Deny!

That’s the game of the wealthy and powerful CEO and perhaps this guys who own shares in this company polymarket have ties to most of the world powerful people so regardless they can deny that they are not part of gambling industry just to escape the tax that comes with it and at the end become a gambling company when they have no more tax to pay by doing what they usually do not owning anything and borrowing against the investment. All this are just regular tactics which we should be used to. Gambling is staking money that this will end up like this or like that! And what difference does polymarket make?

[Cantsay]

Even if they don't come out to explicitly say that they are a gambling platform, or that both things are the same, we can't deny that both of them have similar effect and the fact that regulators are around they would definitely not allow them to just run their business like that without any protection of their customers.

For prediction market and sports betting, they both make their users to be addicted, and one of the way regulators are trying to reduce that is by the introduction of self exclusion and that's most likely why you see them implementing it. Also we should keep watch, this is just the first step with time they would keep adding more things to it.

[KTChampions]

~

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.

Pinky promise they will check if the same deposit address as yours with the same account name will use their website and lock that account if they fee like.

Ah, I see. Pure marketing without any meaningful activity Declaration on the future signing of a memorandum of intent to adhere to the climate agenda and combat global warming. Well, ok, in this form it suits me. The main thing is that they don't outsmart themselves by making statements like that - at some point, regulators might actually "believe" they are doing something and then force them to properly implement those procedures.

[Odusko]

Predictions market is not only more of trades but also of the gambling aspect, let not be misinformed about the whole introduction of some features those are regulatery demand, and as the end user you should know that those features are in place to make sure gambler's don't get to over do things than necessary, self exclusion or deposit limit are requirements from government to moderate citizens activities in case they go above the normal.

[DPHOR]

If they introduced anything like that then it's actually good because all is gambling irrespective that they are operating differently doesn't mean they shouldn't have strict measures that would generally control their users on how to gamble responsibly.

For me I do not entirely see them as prediction market, instead it's more of gambling platform because they uses that to bye cut some regulational issues. Usually since is a gambling site they should have all conditions attached to lead a responsible gambling.

[Davidvictorson]

…

I never saw them anything less than a gambling site. That’s what they are. There’s no difference at all.
The name prediction market is just a nomenclature.
They have the same modus operandi with gambling sites just modified.
More more law suits will follow for them to be completely classified as gambling sites.

[o48o]

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.

I am thinking this is probably pre-emptive move. Polymarket knows that sooner or later they will likely lose their loophole among with other preditive markets and will be classifed as gambling.

There will be lawsuits against them and complying with gambling regulatulations already will ensure the smooth transition to a casino. Sites who have prepared for this already will be able to continue. They just need to apply for proper license. That wouldn't be as easy if they kept showing the finger to regulators.

[Odusko]

Rule number 1: Never accept even if it’s obvious and when caught, Deny!

That’s the game of the wealthy and powerful CEO and perhaps this guys who own shares in this company polymarket have ties to most of the world powerful people so regardless they can deny that they are not part of gambling industry just to escape the tax that comes with it and at the end become a gambling company when they have no more tax to pay by doing what they usually do not owning anything and borrowing against the investment. All this are just regular tactics which we should be used to. Gambling is staking money that this will end up like this or like that! And what difference does polymarket make?

No matter their connections with high profile personalities like politicians and other's, we can not still separate the fact from the realities, meaning that Polymarket is everly seen as a trading platform and at the same time a gambling platform since player can pick and vet on future event's, which ks part of the core value of gambling being able to speculate about the future event's and bet on them them.
That means at one point or the other, predictions market will still be treaded as gambling, and licensing will definitely be issued for their operations.

[boyptc]

At this point, they should also add a "gamble responsibly" policy on their website.

That can be the next tagline and reminder that they're going to add after the self exclusion has been added.

It is only a matter of time or they'd say "predict responsibly".

For me I do not entirely see them as prediction market, instead it's more of gambling platform because they uses that to bye cut some regulational issues. Usually since is a gambling site they should have all conditions attached to lead a responsible gambling.

Most of us sees the same thing on them, it's just their branding that they're a prediction market than a betting website platform.

[fullfitlarry]

…

I never saw them anything less than a gambling site. That’s what they are. There’s no difference at all.
The name prediction market is just a nomenclature.
They have the same modus operandi with gambling sites just modified.
More more law suits will follow for them to be completely classified as gambling sites.

Yes, there is no difference after-all, it could be just for semantics and probably they are using it as somewhat a loophole as far as legality goes. But it's obvious that it's the very definition of a gambling site.

It's not apple and orange difference, it's just the same what angle you look at it. And probably this is the reason why they included this program to begin with. But as far as law suit goes, it won't change a thing as there will be new cases against Poly or Kalshi for that matter.

[Danish Ali]

No matter their connections with high profile personalities like politicians and other's, we can not still separate the fact from the realities, meaning that Polymarket is everly seen as a trading platform and at the same time a gambling platform since player can pick and vet on future event's, which ks part of the core value of gambling being able to speculate about the future event's and bet on them them.

I think the line between "trading vs gambling" is not necessarily blurry. You can "speculate on future events" in options/futures market, which are NOT gambling sites.

Regulator does not just focus on the aspect of "can you speculate on the future", they look at the purpose of economic hedge as well, who's managing the counterparty risk, can it produce price discovery... etc. Neither CME or CBOE is gambling site, and Polymarket, being a prediction market, offers real price discovery on the odds of elections and macro events which gambling sites don't offer.

That means at one point or the other, predictions market will still be treaded as gambling, and licensing will definitely be issued for their operations.

I find myself more in agreement with this point, but for a slightly different reason. It’s not so much that Polymarket was “gambling all along” and that it only took regulators a while to catch on. Rather, it’s simply easier for regulators to put things into existing regulatory frameworks rather than create new ones. It would be much simpler for a regulator to classify Polymarket as gambling (which already has an existing framework in place), than it would be to create an entirely new “prediction market” regulatory framework, especially when neither definition fits the product perfectly.

[TedMosby]

As you can read in the quoted paragraph and the source, they are still using trading terms, like "responsible trading" and "traders". They are not using terms like "responsible gaming" and "gamblers".

IMO, prediction markets are positioned in a grey area. However, I think many people see a prediction market as a platform where you can gamble or place a bet on a real life event, instead of mainly trading positions. One of the main differences between a casino and a prediction market is the counterparty and the mechanism. In a casino, you are playing against the house. Meanwhile, in a prediction market, you are trading against other participants, and you can trade your position with others.

Self exclusion may be related to gambling and responsible gaming. But in a broader meaning, it's just adapted to the subject. There are similar self exclusion or restriction features on social media, gaming, etc. They just don't have clear regulations or authorities regulating them in the same way (I guess). However, these non gambling products often have features for their users/players to achieve a similar effect to self exclusion.

For me, self exclusion on prediction markets is needed because they involve gambling like activities that have the potential to become addictive, and in the worst case, can ruin financial and mental health of the players/traders. But it doesn't mean that prediction markets should be classified as part of the gambling industry just because they have a self exclusion feature. Similar user protection features can also exist in different forms in other products to support responsible gaming/life/trading/you name it.

[Awaklara]

That means at one point or the other, predictions market will still be treaded as gambling, and licensing will definitely be issued for their operations.

In some countries, platforms for prediction markets like Polymarket are already treated as gambling. Countries that consider gambling illegal also apply the same to prediction markets, although not all of them. We have our own opinions regarding both. However, regulations may increasingly bind prediction market platforms as they grow rapidly in the market.

[KiaKia]

That's a good feature from Polymarket, maybe they notice that many people are burning too much funds on their platform? Or they just decide to do this? I don't want to believe that nothing triggered them to make this feature available.

Anyways, and finally we now have something that we can really put side by side with gambling and that's prediction markets unlike before where people will try comparing trading with gambling.

It's no more trading vs gambling, it's now prediction markets vs gambling.

[Julien_Olynpic]

It's funny, because the practice of self-exclusion is primarily associated with casino games and, to a lesser extent, with sports betting. But prediction markets are a combination of betting and trading. I'd even say prediction markets are more like derivatives trading, like options. In traditional sports betting, there's no way to trade a bet, or sell it, for example. Even funnier is that self-exclusion doesn't exist in traditional trading either, despite it often being called gambling addiction. But self-exclusion at Polymarket might not work as well, given that there's also Kalshi.