4 ms·
> Spain - like other European jurisdictions - considers prediction markets a form of gambling when bets are placed on uncertain outcomes. What is the defense
by bilekas 5mo ago
> Spain - like other European jurisdictions - considers prediction markets a form of gambling when bets are placed on uncertain outcomes.
What is the defense in the US for example that these are not gambling, "bets are placed on uncertain outcomes", it's that close to, if not the definition of gambling ?
- jimnotgym 5mo agoThere is no difference. Spain just got the right answer before the US
- deleted 5mo ago[deleted]
- utopiah 5mo agoMoney?
- arein3 5mo agoWill spain ban calls and puts as well?
- deleted 5mo ago[deleted]
- throwawayffffas 5mo agoWill the SEC or CFTC do anything about the blatant insider trading?
- bilekas 5mo agoNo because investment brokers, who you make your calls and puts with have a license.. Not the same thing. Nobody is asking the gamblers to have a licence, just the service provider.
- arein3 5mo agoBet it's not a gambling licence though, and not under the same restrictions.
- bilekas 5mo agoEdit: not sure if you misspelt But for Bet, but a BET is certainly a gamble ? Right, because it's not gambling, there are different regulations around gambling. All they need to do it GET their gambling license and they can continue, but in this case they will need to follow those regulations. Such as (Italy in this case): Offer self-exclusion tools for vulnerable players; Implement identity and age verification procedures; Comply with anti-money laundering (AML) regulations and GDPR for data protection; Pay online gaming taxes, which range between 20% and 25% of gross gaming revenue.
- tstenner 5mo ago"It's not gambling when I can effect the outcome!"
- bilekas 5mo agoIronically enough, sports players, in the NBA for example are not allowed place bets on their games etc, but they can bet on polymarket I suppose given it's not considered gambling ?
- throwawayffffas 5mo agoThe defense is that "Bets are placed on uncertain outcomes" also covers all kinds of insurance, the stock market, commodities markets, all kind of derivatives etc. So where is the line drawn? In the US there has been a tremendous amount of money spent on lobbying to keep prediction markets on the not gambling side.
- bilekas 5mo ago> insurance, the stock market, commodities markets, all kind of derivative I'm sure you need a license to become an insurance broker, stock broker, commodoties broker. Gambling license is all they need to get.
- edge_trader_41 4mo ago[flagged]