Topic: Should gambling platforms avoid political events? - page 4. (Read 667 times)

The platform raided was a prediction market without a permit to operate, and they claimed to be decentralized, which often means they don’t have a license. Just because they got raided doesn’t mean all political event betting should be taken down. The issue here wasn’t the concept of event betting, but it was a specific platform violating the rules.

Political betting has been around on sportsbooks for a long time; this is just a rare case. If the authorities investigate and find that Polymarket violated regulations, they can sue them. But political betting itself isn’t going anywhere as it brings in a lot of money for sportsbooks, and the government benefits through taxes.

If the gambling platform does not want big problems, then you should stay away from politics. But since betting on such events brings a lot of profit, the people behind this business wanted to make a profit, but now they have consequences.

Betting on politics is okay because it is competitive, as gamblers must bet on elections if they are willing to bet. If gamblers want to bet then they can certainly bet at the place where there is good competition, where there is a lot of gamblers you can definitely guess that place is good enough to bet. There were no fixed number of gamblers betting on this election, a large number of people bet millions of dollars. But I think this site is definitely useful for gambling as a lot of gamblers placed bets here.

I'm just curious, was it really illegal? They’re just a prediction market, so they could set odds in favor of any candidate. Plus, only a small group of people bet on these sites; the election outcome depends on millions of votes. Could it be that the politician who lost is just desperate and going after them, even though they’re not the reason Kamala lost?

Polymaket might not be able to completely block US citizens from placing bets because they use VPN to bypass the restrictions. Until investigation proves that the firm intentionally accepted bettors from the US, they are not guilty of any crime.

There were accusations that Polymaket's platform was used to create a positive public perception of Donald Trump. And this manipulation helped him to gain more voters. There was even a case of a French national who staked a very high amount on Trump's victory. Nothing will come of this investigation because this present administration has limited time.

Of course there are different types of categories of gambling activities and games. Every gambler has a particular gambling activity or game they specialise in and most of the time, it usually one that they make the most wins from. Therefore if there can be different games, and there are a whole lot of gamblers out there willing to bet on elections and political matters then it isn't a problem.

Like some users here said most of these political events especially elections happen within a time span of about four years and that simply means that there are a lot of people waiting that long to hit a jackpot on such massive event. In my opinion even gamblers and the casino benefit from massive events like that.

Gambling sites can't avoid political events because they are related. Politics and gambling are one twins brother with different lifestyle. Politics is a game and who plays the game well, wins the game. Frankly speaking, I had not heard of Polymarket before until recently from the USA election. And people were using the site to predict the election and those who supported Donald Trump won their bets. And I also don't support the raid and evasion of the Polymarket properties because they are not hackers but only predicted the outcome of the election. Joe Biden should know that there are some actions that he will take now that will affect other people in the future. Just that American play matured politics but if it was an African election, for what FBI has done to Polymarket and they know that company own is a member of the Republican party then after the swearing in, then those politicians who are behind the raid will also be investigated and brought to book. The raid was not called for.

I wouldn't blame any casino for providing political bets because they go along with the needs of their customers. This political event happens once in every four years making an event to bet on by gamblers because gamblers loves to bet on anything for fun. So depriving the citizens from gambling on whatever they want to gamble on is not right since gambling is not illegal in their country. It's clear that Donald Trump would win the election, because I don't think that US wants a female president and it has nothing to do with the polymarket bets. Is like they are more concerned to know about the gambler that won $25M on betting that Trump would win in polymarket.

What was exactly the mistake has been done by Polymarket?

Polymarket didn't accept US citizen, I remember US allowed to bet on political events a month ago. I don't see any mistake did by Polymarket, if US citizen choose to use VPN to bet, it's their own citizen that made mistake.

Is it because Polymarket add "US events"? they should evaluate themselves first, the real American is Colvis people and they have stolen many artifacts from other countries.

Politics is often related to the law, once taking advantage of politics for betting, it can cause side effects such as some organizations suspecting fraud in political elections, it is quite dangerous if the gambling organization does not know how to get around it but these dangers are in return for huge advertising and financial resources, just look at some of the recent election betting stats, it is a hot spot that most people in the world spend time every day researching. However, to be persistent is still as you said, ignore politics and still operate betting as originally, although the profit storm during political times does not pour in much but at least, the law will ignore these organizations.

Gambling markets have no reason being restricted from featuring any even they want. This is not the first time political events are hosted in gambling sites, in my country it is always there every election year and it never causes any form of election interference. Maybe they can give reason that Polymarket did not have the license to operate as a betting platform in the US but their action is coming like an attack on opponent and a way of venting their anger and revenge for losing the elections. They would have just allowed the matter go since they couldn't stop them before the election because now they are just crying over spilled milk because the new administration will just reverse anything they can possibly do to the owners of Polymarket.

They should’ve done the raid before the election; maybe the results would’ve been different. This prediction market platform has been penalized before, paid its dues, and now it’s facing another violation. No decentralized platform is truly safe these days as the government can easily go after them. To operate legally, they need licenses for protection, which they haven’t secured despite running for years. Whatever the authorities' intentions, they have the right to act, so it’s not something that can be questioned.

Why would they, casinos are profit-driven and what's the bad repercussions of including this in their platform, Polymarket case is isolated; its more on compliance; they should have banned people in the US, In the past, a lot of casinos included election and there's no issue or complaint coming from authority as long as the casinos comply, its a case to case basis for every casino.

I think they should avoid political events. Political events are not something to gamble on. It is best they only focus on there normal routine like football betting, slot and roulette games, dog and horse race gambling etc. even if politics should be gambled on, it should be a one on one prediction or 2 people betting on each other concerning a political events or natural disaster prediction, but not included in the gambling platforms. There are already too much gambling options with high odd to make profit in the gamble platform. So not political even that will only give them the desired odd.

Why ~LOL.

You should wait, until you hear a gambling platform who provides us gambling to anything. There has some service, are provided us to gambling on anything even some rediciouls gambling. Example:

Betting on the burger price on wallmart on 2025 will be down, up, or same.

Should be yes, but in reality I do not have the capacity to provide criticism or things that I do not even know clearly. moreover, I am not a US citizen. so, I do not have a detailed picture of what is really the polemic. but considering that we have had other posts in other threads, especially related to betting related to the US general election. it seems, what has happened has become a hot topic in our community. as I said before, I have no strong reason to comment on what we are discussing, especially related to gambling platforms that do provide transparent information that helps the early public better understand events related to betting, even with a political background. as written in the article you shared, I tried to read it carefully. but if I may comment in my capacity, gambling platforms should avoid political events. because, this is very sensitive and as we see now. in fact, the platform that we are discussing in this discussion is targeted with various reactions in it. especially, those related to legal issues. although, the platform claims they are very committed to being non-partisan. but, this is what we see now. that's why i said, it would be better if gambling platforms avoid political events. unfortunately, the money involved is so big that it's hard not to take part. moreover, the US general election is very much in the world's attention.

The raid happened after having several reports, so the authorities took action as it should be. And since they had no license to accept election bets, they're clearly in violation of the law. Which we believe is expected to happen whoever commits any violation. 

That said, as long as Polymarket is operating legally, this shouldn’t be a reason to shut them down. Of course, it's frustrating to see them singled out when all gambling sites running election betting should have been scrutinized. But still, there's no excuse; they did break the law. 

The article already included the real reason which is true legally speaking. It’s not about political events should be avoided rather a US residents player o play on a casino that doesn’t have license to operate in the US.

This is the reason why all online crypto casino that has Curacao license doesn’t accept US citizen since they have their own license provider. Political betting is not a big deal since it’s just same with the survey being conduct by different survey companies which is being use officially.

It seems the raid happened to the Polymarket's CEO has anything to do with the picture below. 



BTW, It's clear her house is getting raided for allowing US citizens to bet on her platform. As far as I know, Polymarket is illegal in the US. To visit it, you should use a VPN. It makes sense FBI is raiding her house.

I don't think any platform needs to avoid political events. They just have to comply with the regulations.

I am also from another country, but everyone knew about these elections, because they talked about it every day on the radio and news. I was even shocked when I heard about the polymarket on the radio and thought that the whole world would also know about it, because the presenters referred to these prediction markets, saying who was leading at a particular moment.

I was also surprised that the bets exceeded more than 3 billion on this event, this showed the incredible interest of the crowd in this event.