Comment Text:
To the CFTC
I am writing to express concern regarding the recent clarification of PredictIt markets as "gaming." This reclassification is a misguided notion that diminishes the valuable role predictive markets play in our society.
Predictive markets, particularly those related to elections, are not mere games of chance akin to roulette wheels. They are sophisticated tools that aggregate diverse information and provide insightful data on public sentiment, likely outcomes, and market expectations. These markets have consistently proven to be accurate predictors of election results, often outperforming traditional polling methods.
By classifying these markets as gaming, we risk stifling an important mechanism that contributes to informed decision-making in both the public and private sectors. The participants in these markets are not gamblers seeking quick financial gains but rather informed individuals and institutions analyzing trends and making educated predictions based on a wide array of information sources.
The closure or severe restriction of these markets would result in a significant loss of valuable data and diminish our understanding of electoral dynamics. It is crucial to recognize the distinction between speculative gambling and informed predictive analysis. I urge the CFTC to reconsider its stance and maintain the openness of predictive markets, allowing them to continue their role as vital tools for gauging public opinion and election outcomes. Moreover, these markets are fun and insightful!
Thank you for your attention to this matter. I hope that the CFTC will take into account the unique and important contributions of predictive markets and opt to keep them operational.
Sincerely,
Rob McCann
