A federal appeals court ruled Friday that states can regulate prediction markets like gambling, dealing a major blow to the booming industry.
I hope the supreme court doesn’t backstab them yet again
THIS JUST IN: GAMBLING IS GAMBLING
Stay tuned for more after the weather, brought to you by Kalshi.
Gambling implies there’s still the concept of luck and not of insider trading.
10 quid says it’s gonna rain!
they literally will let you gamble on this btw https://polymarket.com/event/where-will-it-rain-on-august-31-2026
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.
stay tuned for the supremes making it fine to do what the fuck ever.
brought to you by carl’s jr.
Many religious extremists feel that insurance is a form of gambling. Ned Flanders for instance.
You’re definitely gambling on whether or not the company will help you if something happens
Now let’s see which do
Only the ones that aren’t in bed with the feds
I’m gonna take a wild guess and assume everything below the Mason-Dixon line will not bother enforcing squat.
Do Wall Street next.
that statically gains a little bit of money and in theory helos the economy though
“The economy,” in this sense, is bullshit. The media uses the term and the stock market interchangeably, but the average person doesn’t. The value of the stock market has zero correlation in the well-being of the average person. It’s only “the economy” for the wealthy, who have significant amounts of money in stocks. Most people care about cost-of-living and income. Neither of those depend on the value of the stock market.
it DOES have correlation to how tge average person is doing. Take when the stock market goes down sharply for at least a year for example (2008 and 1929-1932) there were negative things happening to the average person.
It has some correlation, though 2008 wasn’t because of the stock market. It was an issue with loans and banks. It affected the stock market, and caused a large downturn, but the stock market didn’t cause it.
I’m not educated enough in 1929 to make a comment, but I believe it was similar there. The stock market crashed, but it was an effect, not a cause. It can be an indicator of bad things happening in the economy, but it is not the economy.
TIL it wasn’t considered gambling in the first place.
It was like how options aren’t gambling, they have real uses (hedging risk) but the average person won’t use them that way
Inb4 the Supreme Court overrules this.
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
