New prediction markets need more oversight
Athletes can’t bet on their own sport, right? That could lead to charges of taking bribes or fraud. Employees of publicly traded companies can’t give stock tips based on nonpublic information. That’s insider trading. There are legal consequences for some people who make money based on information only they have, or on situations over which they have some control. Meanwhile, prediction markets such as Kalshi or Polymarket provide platforms so new there are not yet consequences for many cases in which a person might make money betting on something they know more about than the ...