> the sense that someone needs to lose money

yep, and that's fine because they did so voluntarily.

If there were no stakes on the line, the information in the odds will also not have any real meaning.

It’s good that it’s voluntary, but that’s not really what I’m getting at. People voluntarily spend money in Vegas and buy meme coins too.

This doesn’t tell us all that much about whether a price signal is a valuable source of information. Often, people have varied interpretations of what a price movement means. The price doesn’t tell you how to interpret it. The obvious interpretation can be wrong.