Doesn't this weaken the argument that these prediction markets serve a distinct purpose other than gambling? I thought the idea was that prediction markets can help surface information, drawing on the wisdom of the crowd (some of whom might be familiar with the topic) to extract actionable insights. This is just sports betting, pure and simple... you can argue it's a market or a security, but whatever financial instrument you wrap it in, it's still just sports betting.

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jmathai 3 hours ago | parent [-]

I think the idea has always been wealth extraction.

	▲	brendoelfrendo 3 hours ago \| parent [-]
		I mean, I agree, but whenever it comes up there's always someone who refuses to call a spade a spade... I'm curious how the pro-prediction market set would argue this is ok (other than to shrug and say "it's just one more thing to predict, why would we try to decide what can and can't be predicted?").