Posted by ortusdux 9 hours ago
/s but not /s iykyk
But that's highly contingent on that thing being something people are willing to violate the law over, and on the convenience of that thing not being significantly impacted by prohibition. Neither of which are true for prediction betting (it's almost identical to sports betting in that regard, imo.) The only reason these markets proliferate is precisely because they are legal.
Now yes, people bet on the derivative value of those ownership shares... but that also happens to basically every asset. If a stock is a prediction market, then so is corn, and gold, and your home.
A closer stock analogy would be options.
I'm sorry, what the fuck?
> provid[ing] supportive services to a prediction market or consumer knowing that the services will be used to identify a consumer’s location, transfer money, or make or process payments for the purpose of allowing consumers to make wagers or to settle wagers made by consumers in violation of this section.
"knowing" is key here.
Of course, we all have to sit through another round of Silicon Valley pretending they've discovered some new exciting business model that's just vice.
Unlicensed gypsy cabs, SROs, shift work, patent medicines, narcotics dealing, customs fraud, and smuggling already had established market entrants I guess.