Should gambling platforms avoid political events? - page 6.

Akbarkoe

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

FBI raided the home of Shayne Coplan the chief executive of the predictive betting site Polymarket. He was instructed to give the agents his phone and other electronic gadgets. Polymaket felt that this raid was a retaliation by the Joe Biden administration for the betting platform's accurate predictions of the outcome of the elections.

But the Department of Justice claimed that Polymarket is under investigation for allegedly allowing US-based users to bet on the site. Polymarket doesn't have permission to operate bets and predictions in the US but users usually invade the prohibition using VPNs.

Elon Musk and Brian Armstrong have both criticised this raid calling it an attack on political opponents of the present administration. Most people think that this attack was because the government thinks that Polymaket's polls that showed overwhelming support for Donald Trump contributed to his victory.

Do you think gambling platforms should avoid political events?

https://www.google.com/amp/s/amp.theguardian.com/technology/2024/nov/13/fbi-raid-polymarket-founder-trump-election

The information is mixed, and their mainstay is that as the case is that Polymarket does not have a license, this rule will be highlighted as their legal basis for suing Polymarket, and legally this is true if some of the allegations are true against this site.

Speaking of political betting we have to talk outside the table, there must be intervention from Joe's government because Polymarket specifically made Trump the winner, but the most confusing thing for this opinion is, whether a company or website is prohibited from advertising or supporting one of the presidential candidates or not, if the answer is no, then Polymarket even if it openly supports Trump then it cannot be blamed for it.

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Quote from: justdimin on November 14, 2024, 12:28:09 PM

Quote from: Fiatless on November 14, 2024, 03:36:21 AM

the Department of Justice claimed that Polymarket is under investigation for allegedly allowing US-based users to bet on the site. Polymarket doesn't have permission to operate bets and predictions in the US but users usually invade the prohibition using VPNs.

If this is the case, no one could help any gambling house. If polymarket is strictly restricting all USA based IP address from logging in, then I believe there could be no problem at all. Invading the IP ban using proxies, will not create a problem for sure. Let's wait for the outcome of the investigation before making any conclusion like it is an attack on a gambling house or officials really got a reason to raid.

Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Most people think that this attack was because the government thinks that Polymaket's polls that showed overwhelming support for Donald Trump contributed to his victory.

But right now, Donald Trump is on power and will he attack on his own supporter? Even the raid was planned under Biden rule, I believe the new government knows how to dilute it. Unless there would be a proof for breaching the USA gambling laws, I agree it is an attack on gambling industry.

Trump isn't yet in power. He isn't the president yet.

A project with a known CEO is never a decentralized platform because it can be taken down by force. The CEO could even be jailed if the authorities plant pieces of evidence of a crime against him.

There have been lots of political bets on the platform but not one ever listed "Will polymarket be raided by FBI"? I think there will be bets on this one.

justdimin

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

the Department of Justice claimed that Polymarket is under investigation for allegedly allowing US-based users to bet on the site. Polymarket doesn't have permission to operate bets and predictions in the US but users usually invade the prohibition using VPNs.

If this is the case, no one could help any gambling house. If polymarket is strictly restricting all USA based IP address from logging in, then I believe there could be no problem at all. Invading the IP ban using proxies, will not create a problem for sure. Let's wait for the outcome of the investigation before making any conclusion like it is an attack on a gambling house or officials really got a reason to raid.

Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Most people think that this attack was because the government thinks that Polymaket's polls that showed overwhelming support for Donald Trump contributed to his victory.

But right now, Donald Trump is on power and will he attack on his own supporter? Even the raid was planned under Biden rule, I believe the new government knows how to dilute it. Unless there would be a proof for breaching the USA gambling laws, I agree it is an attack on gambling industry.

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

FBI raided the home of Shayne Coplan the chief executive of the predictive betting site Polymarket. He was instructed to give the agents his phone and other electronic gadgets. Polymaket felt that this raid was a retaliation by the Joe Biden administration for the betting platform's accurate predictions of the outcome of the elections.

But the Department of Justice claimed that Polymarket is under investigation for allegedly allowing US-based users to bet on the site. Polymarket doesn't have permission to operate bets and predictions in the US but users usually invade the prohibition using VPNs.

Elon Musk and Brian Armstrong have both criticised this raid calling it an attack on political opponents of the present administration. Most people think that this attack was because the government thinks that Polymaket's polls that showed overwhelming support for Donald Trump contributed to his victory.

Do you think gambling platforms should avoid political events?

There is actually nothing wrong with incorporating political events into gambling, especially if it is just a platform like Polymarket, I'm sure that their market size there is smaller than in the existing mainstream crypto casinos, such as Stake.com. From this reason I assume that this is just a dirty trick from the incumbent president, maybe he is annoyed because the majority of people in the world are more pro Donald Trump.

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Quote from: Baofeng on November 14, 2024, 06:22:23 AM

Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Do you think gambling platforms should avoid political events?

So it's very wrong to go after Poly market, maybe they can't really accept that fact that Poly and any other gambling sites predicted or favored Trump to win the US Presidential election.

This could be a conspiracy between these people who are against Trump winning, and like I know it's seen that polymarket is used to fuel the victory of Trump against Harris.
But the question is that, is this the only gambling site that features the US presidential election and why must it be only this market everyone is attacking?

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maydna

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Why gambling platform should avoid political events or the other events? If their site is based on globally, they can serves all events they want. But for some people who comes from a country that prohibit gambling, they are breaking their laws by placing their bet in the gambling platforms. Perhaps that can be done for US citizens but not for other people who comes from out of US. The government should gives warn for their citizens not to place a bet on political events and not investigate the gambling platforms. But it is difficult to warn their citizens from placing a bet because their citizens can still access the gambling platforms using VPN.

Jaycoinz

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There's nothing wrong with political events being added to gambling options on different platforms, I wouldn't take the risk of betting on political events in my country if we had such avenue though. I don't think gambling platforms should avoid political events because it's just like every other events political or presidential events are not any different as long as they are free and fair. A lot of people staked on Donald trump to win the presidential election and they won huge amounts of money that's because their stake was high, as long as it's legal it shouldn't be avoided.

cryptoaddictchie

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So they are uaing this to find an ulterior motive to deflect the inevitable results. Polymarket just show potential odds for the contestant and not bad considering it helps in the progression or potential bet win for the community. Its a gambling site, so therefore they should bet on something we can see as National event. I dont see any reason to view it as illegal.

retreat

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Do you think gambling platforms should avoid political events?

Casinos should not have to avoid political events because it is their right to provide whatever they want to their users. The issue of casino owners being arrested just because they allowed something like that to be hosted on their platform, just proves how clownish the authorities are, and they should be ashamed of using such a lame excuse just to arrest casino owners.

Z-tight

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Do you think gambling platforms should avoid political events?

No, i don't think so, Polymarket did nothing wrong and it is obvious that this is a political punishment for how things turned out in the election, though i don't see how that is any fault of Polymarket. I know the law enforcement will deny that it has anything to do with politics and that it is about U.S. users bypassing the restriction to gamble in their platform, though i don't think they will have any case there, because the betting platform openly restricts U.S. customers from using their service.

CryptSafe

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I was also curious when I first came across this news online and this made me wondered why at this point in time such actions. Irrespective of whatever happened, people would only see this as a retaliation of the election loss the Biden administration suffered in making sure Kamala scaled through. However, the Polymarket can not be able to see all their users but only restricted nations that can not access the platform and if the US government claims that the US citizens used the website, then they can be referred to the Terms and Conditions of services coupled with the restricted region for them to see for themselves that they acted in accordance with the law as the case may be.

The clampdown on Polymarket is likely politically motivated just to teach the CEO a lesson to not interfere in making an influence in politics through gambling platform. Politicians can go to any extent just to frustrate their supposed opposition and anyone who interfered or possibly has influence somehow in the elections.

Slow death

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Getting involved with politicians is definitely a high-risk path, because they will always be angry when they lose and will always want to blame other people for their defeat. In this case of betting on elections, I think that although I don't see any problem with it, we have to look at the emotional side of people and politicians. Because I believe that people will be betting out of emotion and could spend a lot of money on betting. That's why we have to discuss this issue a lot and do a lot of research asking people whether or not they want to bet on their candidates. Then the politicians would make a law based on what people choose.

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Most people think that this attack was because the government thinks that Polymaket's polls that showed overwhelming support for Donald Trump contributed to his victory.

That doesn’t seem to be logical.

Polymarket is not the only one with polls. News outlets literally put out surveys and report polls by state almost every week. Besides, why would the voters rely on a gambling’s platforms’ numbers? It doesn’t make any sense.

Quote

Do you think gambling platforms should avoid political events?

I think so, yes. Why? Even though I disagree with the fact that it’s the polls that influence the voters, I would not put it past behind some of the voters to vote for someone they placed a bet on. It sounds stupid but people are, unfortunately, very foolish.

I think they should focus more on voters’ education but if it can be avoided, politics should not be part of betting games.

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

Do you think gambling platforms should avoid political events?

The other day, I read here that there was an investigation into something related to this by the French government. I don't know if this is exactly connected to it but the question would be what if it wasn't Trump who won? Would there have been any raids? Betting on political events is here to stay and no amount of intimidation by any agency can stop it. The worse that would happen is that it would be done secretly. Especially on political events whose outcome would have a huge effect all over the world. People are increasing getting interested in these events and are now willing to put their money where their mouth is unlike before where they couldn't. I don't think this is against the law.

crwth

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The combination of gambling and politics is dangerous and should be handled carefully. There should be a balance between the market (the desire for engagement and participation from people) and probably the ethical consideration, right? There should be a balance of how people's public perception, seeing it as backlash could be the problem. I see it as a criticism and is possibly politically motivated.

Yucky

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Quote from: viljy on November 14, 2024, 09:34:31 AM

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.

If political event betting is allowed in their country, then he didn't break any rules. If citizens are permitted to bet on political events, then he didn't do anything wrong, unless there's a specific rule forbidding it in casinos, which could affect people's choices. This is especially concerning when casinos allow betting and people can see the results online, potentially influencing their decisions.

Unless the issue is that his casino betting on political events tampered with people's choices, leading them to vote for Trump, else there's no clear justification for action against him. It seems suspicious, like they're targeting him. It looks like they're trying to get back at Trump's side. I hope he's okay.

TheUltraElite

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So anyway, I applied as a merit source :)

I think what should be done and what could be done ends up in the personal choice box of the individual. Because gambling on political events, oscars and so on will happen every year because the inherent wiring of human brains to risk taking. If you dont like them, stay away from them.

They will not end or be avoided because the platforms hosting these events get a load of traffic and sale due to these events alone.

Now if someone does something bad related to such events, they will suffer for it. It only depends on your own morals if there is anything good or bad about it.

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Quote from: Fiatless on November 14, 2024, 03:36:21 AM

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No? Should be the other way around. People directly involved with political events should be the ones avoiding gambling, which is already a thing afaik. In this case though it seems like a violation was reported so they just did their job? I reckon they could fight back if the intensity of the raid was warranted but I personally don't know jack about how much or how little force these kinds of raids should be done anyway.

Also weird since it's not like they weren't allowed to make a bet on the elections themselves, but just not allow US citizens from betting. Pretty sure that's on the citizens for trying to bypass geoblocking with VPNs? Pretty sure if the DOJ was able to find out their users were betting on a banned platform, they would've been able to identify who these people are.

Though I guess part of the fault is also on the casino for not doing KYC. Or not doing it properly since some US citizens did get through it.

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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.

Topic: Should gambling platforms avoid political events? - page 6. (Read 1361 times)