Comment Text:
My concern is with the regulation of prediction markets like Polymarket or Kalshi. Firstly, despite these companies' protestations to contrary, these are gambling platforms. But they are gambling platforms with none of the regulation that casinos or state lotteries have, like having to make clear the odds of winning. Secondly, there is ample evidence that it is very easy to game the system, manipulating the odds and results into something favorable. This is much easier with people who already have wealth, power, insider knowledge, or some combination of the three. And thirdly, despite the companies making claims that bets cannot be made regarding things like deaths and tragedies, this is going on all the time with no sign that it is being investigated, let alone stopped. For example, just before the death of Iranian leader Khomeini, there were several people who made bets regarding him leaving office mere hours before his death. So some people who knew that about the missile strike made out like bandits in a most ghoulish way.
I encourage very strict regulations be placed on these sorts of betting platforms, to both protect the average user and prevent the misuse therein by people with more money than morals.
