Prediction markets are the future, they will take over the stock market and the bond market as well as crypto.

The problem is not prediction markets , the problem is that people point to such bets and try to extrapolate a rule, which is like taking a scammy OTC pink sheet with a marketcap of 5 million USD and be surprised that it's shady and there is insider trading and shananigans.

Prediction markets without a single point of failure such as the ones on sports are very successful with billions of dollars in value exchanged and all is fine.

Regardless of the type of market if you put the destiny of millions of dollars in the hands of a single individual they'd manipulat that market