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Why is Polymarket legal? I just don't understand.
by nanna 5mo ago
Why is Polymarket legal? I just don't understand.
- tantalor 5mo agoWhy wouldn't it be
- Eisenstein 5mo agoIt creates financial incentives for anti-social behavior and the proposed benefits of it being a way to determine truth are dubious and self-serving and would not be worth the societal cost regardless.
- dymk 5mo agohttps://en.wikipedia.org/wiki/Insider_trading https://en.wikipedia.org/wiki/Insider_trading
- sethops1 5mo agoBecause we have laws that regulate gambling. "Prediction markets" get around them by bending the definition of the word "gambling".
- dabinat 5mo agoFor a while it wasn’t in the US. They now have a cut-down version. But a lot of people use VPNs to access the less-restricted international version. So to answer your question, a lot of users are using it in a way that’s illegal.
- cogman10 5mo agoIt and Kalshi are not. But we don't have regulators that want to enforce the law here. Polymarket in particular started out using crypto and off shoring with a "not legal in the US, wink wink" to get try and dodge regulations.