Comment Text:
I believe there should be much harsher regulation on prediction markets than there currently are. To state that they are different from gambling is misleading at best. There is practically no difference from predicting the outcome of a basketball game on Kalshi as there is doing the same thing on Fanduel. If you press one team wins and then that outcome doesn’t occur, you lose the money you put in just the same. At the very least the sports side of prediction markets needs to be treated the same way as any other gambling site. Trading is seen as something different from gambling but in a purely practical sense, these prediction markets have just acted as loopholes to get away with gambling on everything.
It is a dangerous step to allow these markets to be unregulated in a time where gambling problems are on the rise and ruin lives. Even sports gambling is not regulated enough and for prediction markets to have even less regulation, and to not be treated as even gambling, is extremely reckless.
