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States can regulate prediction markets [gambling] as gambling, federal appeals court rules (edition.cnn.com)
submitted 2 months ago by to c/technology@midwest.social
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A federal appeals court ruled Friday that states can regulate prediction markets like gambling, dealing a major blow to the booming industry.

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16 comments in c/technology@lemmy.world view that post
[–] 96 points 2 months ago (7 children)

THIS JUST IN: GAMBLING IS GAMBLING

Stay tuned for more after the weather, brought to you by Kalshi.

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  • [–] 9 points 2 months ago (2 children)

    10 quid says it's gonna rain!

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  • [–] 4 points 2 months ago (1 child)

    they literally will let you gamble on this btw https://polymarket.com/event/where-will-it-rain-on-august-31-2026

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  • [–] 2 points 2 months ago

    Wow. I was just joking, I didn't expect that to be a real thing.

    I don't like prediction markets, but I guess one good thing would be that it motivates investment into weather prediction models. Something we will need to improve even further, because of climate change.

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    • [–] 42 points 2 months ago (2 children)

    Now let's see which do

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    • [–] 14 points 2 months ago (1 child)

    TIL it wasn't considered gambling in the first place.

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    • [–] 5 points 2 months ago

    I hope the supreme court doesn't backstab them yet again

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    [–] 4 points 2 months ago

    Inb4 the Supreme Court overrules this.

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    [–] 2 points 2 months ago

    Our economy might need to have this and tax it too. In order to help the government service 40 Trillion in debt, or spend it probably

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    8 comments in c/technology@lemmy.ml view that post
    [+] -6 points 2 months ago (7 children)

    Isn't this basically one of the only growth industries left?

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  • [–] 15 points 2 months ago (5 children)

    Who does gambling benefit?

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  • [–] 9 points 2 months ago

    No one. It is parasitic.

    Although prediction markets might help get an honest read on what people that bet think will happen, seeing as they outlawed the non profit predictit around 2021 or so, run by universities while giving the franchise to for profit companies, means these companies maximizing revenue will pollute the predictions resulting from seeing how people vote with their money, (a more honest measure than their words.)

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  • [–] 5 points 2 months ago (2 children)

    The ultra wealthy

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  • [–] 8 points 2 months ago* (last edited 2 months ago) (1 child)

    Yep, being a “growth industry” feels really unhealthy for the country

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