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.

[Outhue]

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.

I as a gambler I believe that self exclusion on prediction market won't be helpful in any ways, I think that adding this function is another way of marketing prediction markets, it's not useful.

Anyone that plans to make a prediction on anything knows fully well that they are either going to win or lose, me risking what I can afford to lose is the only way forward because the fear is already present, I guess many gamblers are overconfident when gambling, maybe that's why their losses have negative impacts on them.

I can't just imagine myself asking a casino to self exclude me when I am the one in control of my body and brain, it sounds like a possessed human being that someone needs to stop your hands from wasting away your own money.

[AmaGold70]

I believe is a good step by the polymarket to introduce deposit limit, and self exclusion in the prediction market. There are good number of gamblers who gamble out of control which means they are addicted to gambling, they have no deposit control or good bankroll system, but if the prediction market introduces this features, they will be able to control the way some people use to gamble. If deposit limit, and self exclusion is part of the prediction market addiction can equally be controlled, many gamblers can not quit or take some break, but someone who looses money money or feel like taking some break can apply for self exclusion, and once this is done, it will not be reversed not until the due date.

[Asuspawer09]

For sure this is going to happened soon, I mean polymarket or prediction market was just gambling it was just classified as a different thing because of the regulations, something like that. But it has the same risk because you are still betting on something like events or world happening. So i don't even know why it was on a different platform in the first place this prediction should be on gambling platforms as well.

I mean, this wasn't a bad thing if having a limit or self-exclusion was also a thing on Polymarket, but users should already know what they are doing if they are going to start risking funds on betting.

This is more like a matter of regulations for sure, but for sure, as time goes by, they are going to adopt similar rules to a lot of gambling platforms, since that is where mostly they are going.

[Alex077]

I believe is a good step by the polymarket to introduce deposit limit, and self exclusion in the prediction market. There are good number of gamblers who gamble out of control which means they are addicted to gambling, they have no deposit control or good bankroll system, but if the prediction market introduces this features, they will be able to control the way some people use to gamble...

I think even though prediction markets are presented as financial instruments, when it comes to user behavior, they're actually quite similar to regular gambling. At the same time, I wouldn't say that these kinds of restrictions can completely solve the problem of gambling addiction.  These tools are pretty much useless if users can easily cancel their self-exclusion or simply create another account to avoid the restrictions.
But in my opinion, it's just as important to let users set loss limits in advance and receive warnings about excessive trading activity.

[oll]

I believe is a good step by the polymarket to introduce deposit limit, and self exclusion in the prediction market. There are good number of gamblers who gamble out of control which means they are addicted to gambling, they have no deposit control or good bankroll system, but if the prediction market introduces this features, they will be able to control the way some people use to gamble. If deposit limit, and self exclusion is part of the prediction market addiction can equally be controlled, many gamblers can not quit or take some break, but someone who looses money money or feel like taking some break can apply for self exclusion, and once this is done, it will not be reversed not until the due date.

Absolutely right, because we need all the things in the world we can't control, and more specifically, our behavior in this regard: alcohol and gambling, which hinder this. Predictions suggest that an external driver of uncontrolled behavior is a person with weak self-control. Because if a person can't control their character, then predictions and gambling will do the trick. They will become a mere puppet, bringing in money and expecting to win. Therefore, sometimes it's necessary to ask for help in the form of self-exclusion from sites like Polymarket.

[DrBeer]

...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.
......

So what’s the real difference between prediction markets and casinos? In broad terms, there’s an event on the probability of which you place a bet - or bet that the event won’t happen. Right? Casinos are essentially the same thing when it comes to roulette, for example.
Sure, there are specific nuances - red, black, zero- but that doesn’t change the essence: you choose an event and bet that it will happen. In the prediction market, roulette is replaced by real-life events. By the way, there’s a new layer here, inside information, which helps you make huge amounts of money in the betting market! It’s like a croupier who knows the order of the cards in the deck. Some people might not like this, but I believe the prediction market is essentially identical to sports betting and very similar in nature to a regular casino.

[DPHOR]

I think even though prediction markets are presented as financial instruments, when it comes to user behavior, they're actually quite similar to regular gambling. At the same time, I wouldn't say that these kinds of restrictions can completely solve the problem of gambling addiction.  These tools are pretty much useless if users can easily cancel their self-exclusion or simply create another account to avoid the restrictions.
But in my opinion, it's just as important to let users set loss limits in advance and receive warnings about excessive trading activity.

One thing that I love about this initiative is to help people set how often or how regularly they should be using the platform, although I believe it's not for a lower roller like us, but for higher rollers those who can't in any way have Total control of themselves.
With these restrictions, they would adhered to responsible gambling.
For the self-exclusion, users would be able to go self exclusive themselves whenever they don't have the urge and feelings to continue using the predictions market any longer, but I do not know how long they could take to effects the self exclusion.

[Grace333]

It was only a matter of time for Polymarket to enter the category of gambling. Regulators must have been monitoring its activity, including the habits of users who posted predictions there and could not control the amount of funds at stake. When they have already included deposit limits and self-exclusion, it means that user activity has been detected that requires a control mechanism.

One thing about the poly market is that for the fact that you have to predict something that has an uncertain outcome then it's gambling, it is only regarded as selling because those predicting have to buy and sell positions but in actual sense it is not fully trading, it's a high percentage of gambling than trading. if there’s anything like self exclusion in the poly market then it's not any different from gambling.

[Hispo]

...

This is more like a matter of regulations for sure, but for sure, as time goes by, they are going to adopt similar rules to a lot of gambling platforms, since that is where mostly they are going.

I agree with you. This is likely something which was adopted by Polymarket because they got pressured by some regulators in the United States in order to keep people who are addicted to gambling under control. Though, the fact they have self-exclusion and other similar mechanisms does not help to keep their façade of a trading company and platform. I mean... Binance and Coinbase do not have self-exclusion in a similar manner a casino would have it.

This will definitely make people look at Polymarket and realize they are dealing with a novelty way to gamble and not necessarily with a trading company.

[Dogedegen]

So what’s the real difference between prediction markets and casinos? In broad terms, there’s an event on the probability of which you place a bet - or bet that the event won’t happen. Right? Casinos are essentially the same thing when it comes to roulette, for example.
Sure, there are specific nuances - red, black, zero- but that doesn’t change the essence: you choose an event and bet that it will happen. In the prediction market, roulette is replaced by real-life events. By the way, there’s a new layer here, inside information, which helps you make huge amounts of money in the betting market! It’s like a croupier who knows the order of the cards in the deck. Some people might not like this, but I believe the prediction market is essentially identical to sports betting and very similar in nature to a regular casino.

What is the difference between stock options or leverage and prediction markets and casinos? Very little if you go with this way of betting on events and probabilities. So the difference between a stock option trade and some kind of prediction market trades is just what the predictions are about, they function quite similarly. So if people want to go with this way of thinking and definitions, then many more things would have to be considered gambling. I don't think this is the way to approach this, and we must try to be consistent and not make up things.

...
This is more like a matter of regulations for sure, but for sure, as time goes by, they are going to adopt similar rules to a lot of gambling platforms, since that is where mostly they are going.

I agree with you. This is likely something which was adopted by Polymarket because they got pressured by some regulators in the United States in order to keep people who are addicted to gambling under control. Though, the fact they have self-exclusion and other similar mechanisms does not help to keep their façade of a trading company and platform. I mean... Binance and Coinbase do not have self-exclusion in a similar manner a casino would have it.

This will definitely make people look at Polymarket and realize they are dealing with a novelty way to gamble and not necessarily with a trading company.

That remains quite possible but until we have proof for this kind of claim it just remains speculative. I find it also strange that people here try to be so hostile against companies like that they could not do anything good at all without being forced to do something good by a third party. The lack of self-exclusion on other platforms does not confirm Polymarket is gambling, it just proves that the other platforms are missing vital functions like that. So many people have lost a lot of money trading, many have even killed themselves during large liquidation events..

[Churchillvv]

I’m sure this is an effort to help get into more markets.

This statement got me laughing because its just one contrary opinion, and yeah i will agree with you that it could be a very nice niche to get more market and promote themselves in to acceptability by governments which ordinarily will not give them breathing space but however, they have made possible to deny that they are contributing to any kind of gambling disaster as addicts will avoid the market or prefer to use it just incase they start getting addicted to the activity so they will self exclude themselves.

[Perfectbaby]

If you must know, self-exclusion is very important for all Gambling site, be it predictions market or gambling site there is every need for them to implement a self-exclusion to enable moderation while gambling or during their time of predictions.
As a gambler, it is important for someone to know their limits, when to gamble, amount to use and what not to use to gamble if should they found themselves in an unwanted condition or even seeing themselves as someone who is gambling too much or spending money unnecessarily they may use the self-exclusion immediately to close their account. But the thing is I do not know how active or responsive their self-exclusion service could be if they will take immediately actions whenever gambler make use of the self-exclusion service.

[qwertyup23]

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.

I think people are trying to mask the true intent of gambling in order to rationalize their decision. Even if some argue that polymarket is not gambling in its truest form, we cannot escape and hide the fact that betting money on an unknown, contingent, or even uncertain outcome already embraces the sprit of gambling regardless of the platform on where it is played.

If you must know, self-exclusion is very important for all Gambling site, be it predictions market or gambling site there is every need for them to implement a self-exclusion to enable moderation while gambling or during their time of predictions.
As a gambler, it is important for someone to know their limits, when to gamble, amount to use and what not to use to gamble if should they found themselves in an unwanted condition or even seeing themselves as someone who is gambling too much or spending money unnecessarily they may use the self-exclusion immediately to close their account. But the thing is I do not know how active or responsive their self-exclusion service could be if they will take immediately actions whenever gambler make use of the self-exclusion service.

The purpose of self-exclusion stems from the need to control the habit of the gambler from snowballing. This is exactly the reason on why several gambling platforms have already introduced self-exclusion as a way of controlling the addiction of their players.

It may be counter-intuitive that a gambling company offers these features given that it signficantly can affect their revenue. However, the need in tackling and solving gambling addiction have already become a mission not only to the government but also to gambling establishments as well.

[L E G E N D A R Y]

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.

One of the most difficult part is actually recognizing when a hobby has suddenly ceased to be enjoyable and started affecting your finances. And the worst part of it is that turning back becomes even more difficult because they have that belief that the next attempt is gonna give them that win that’ll fix all the previous losses. At this point, self exclusion becomes a very helpful tool to help break out of that cycle before the damages become unrecoverable or too costly.