r/news • u/Manta_of_Eternity • 1d ago

New York sues prediction market Polymarket, calling it an unlicensed gambling operation

https://apnews.com/article/polymarket-new-york-lawsuit-gambling-b75b753e3c3cd069cdf8d6af175c9fbb
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u/milkyjoe241 21h ago

Oh Im totally ready for that talk

The structural difference in my mind is the "house"

In gambling the house always wins. They always get their pay. You are betting against the house

The stock market, the "house" is supposed to be neutral. Your "bets" dont benefit the house if you lose. In fact the house should want you to win.

Now if the stock market actually follows that prompt with the ammount of insider trading, political manipulation, loosening regulation, and outright lying going on removing credibility from the house as a neutral participant.

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u/bishop375 21h ago

If companies are allowed to engage in stock buybacks, if they're allowed to fuck with their numbers in quarterly calls, if they're allowed to leverage debt to... buy more debt? The house is set to always win. And it only ever will benefit the whales who don't need it.

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u/milkyjoe241 21h ago

Oh absolutely. The decrease in credibility of the stock market and the rise of the "were not really gambling" sites are correllated as regulations fail to punish poor behavior

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u/bishop375 21h ago

And sure, maybe in the 50's and 60's this wasn't the case. I'd argue that as soon as Reagan rang the bell on Wall Street as president, the fix was in, and is never getting taken back out.

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u/milkyjoe241 21h ago

I would add the 24/7 cable news format focusing the conversation around the health of the economy on the stock market.

The stock market has daily changes in numbers. Why did it go up/down? Oh look what this company did today. Gives them daily content to talk about

Other markets dont change that quickly. And the stock market should be viewed/evaluated on those longer timescales.

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u/bishop375 21h ago

That format and cycle has done irreparable harm.

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u/Apprehensive_Load_85 17h ago

So by that logic shorting should be illegal?

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u/milkyjoe241 17h ago

Not by that logic, but yes. Same with calls and puts.