Comment for Proposed Rule 89 FR 48968
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From:
Michael Geglio
Organization(s):
not applicable
Comment No:
73700
Date:
5/23/2024
Comment Text:
I participate in the PredictIt website. I understand that the CFTC may decide that PredictIt is a gaming site that involves gambling on election outcomes. I dispute that characterization of the website. I was drawn to PredictIt because of its purpose, to provide an academic evaluation of the wisdom of the crowd expressed through a dynamic marketplace. There are no special introductory inducements to tempt members; the house does not profit from bad wagers; there are no touts skimming a percentage off the transaction activity. Obviously someone can lose more money than they can afford, but the primary goal of the website is not to benefit from inept bettors. I consider PredictIt to be an educational experience. I hope it will not be mischaracterized as a website with a focus on gambling.
