Spain Blocks Polymarket and Kalshi (engadget.com)
- Reference: 0183417756
- News link: https://news.slashdot.org/story/26/05/26/1828238/spain-blocks-polymarket-and-kalshi
- Source link: https://www.engadget.com/2181235/spain-blocks-polymarket-and-kalshi-as-it-investigates-prediction-market-platforms/
> The country's ministry in charge of consumer affairs said it blocked the websites as a precautionary measure [2]pending an official investigation . This investigation will determine if the platforms violate Spain's gambling laws. It's set to complete within the next four months and could mandate that these companies require specific administrative licenses to operate.
[1] https://www.engadget.com/2181235/spain-blocks-polymarket-and-kalshi-as-it-investigates-prediction-market-platforms/
[2] https://www.wsj.com/business/media/polymarket-kalshi-face-spanish-ban-43986e08
How do they define "gambling?" (Score:2)
Gambling may be betting on a game of chance (e.g. roulette). It may be betting on a game of skill (e.g. sports betting). Is gambling also betting on a future outcome which is neither? How about the stock market?
Goedel, Escher, and Howe (Score:2)
Since users of these websites are making it their business to make the predictions they've bet on come true, it seems to me that big part of gambling on prediction markets is gambling on how other people gambling on the prediction market is going to affect gambling on the prediction market.
Re: (Score:3)
I guess what I'm saying is that there's no way to fix the potential for corruption of a worldwide insider-trading laundromat. Because it's not a bug, it's a feature. It's the only feature.
Re: How do they define "gambling?" (Score:1)
When you buy stock in a company, you have a claim on a portion of a (nominally) productive asset (seize the means of production, comrade!) in addition to some expected gain or loss in value based as much on random variations in perception of value or random exogenous events.
When you bet on which politico more prodigiously panders to palm oil producers, what productive asset serves as the figleaf behind which you claim you are not gambling?
Re: (Score:2)
Generally, it is gambling if the result is largely based on chance. So, in the misnamed "prediction markets", if you have insider information it is not gambling, and if you don't have insider information it is gambling. Since most people do not have insider information, these sites should largely be considered gambling sites.
waiting for the check (Score:2)
in other news Polymarket and Kalshi are about to make substanstive donations to spanish politicians.
you can bet or speculate on Polymarket and Kalshi as to how much.