Comment Text:
There are two issues I notice with the proposed terminological reclassification. First, prediction markets are not "gaming." Speculation is not quite gambling. Predicting, and putting money on the line to price those predictions, is neither gambling NOR speculation. Should the entire stock market be labeled gaming?
Second is the implication that prediction markets exist contrary to the public interest. I could not disagree with this more. By pricing events across a broad group of people, society benefits. The collective wisdom of the crowd reflects most underlying perceived information. One would also find all financial markets to be against public interest if one followed this line of logic.
