- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
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Yet another reason that these platforms are just a circlejerk of insider trading that no rational actor should take part in.
Sounds like fraud to me. Good thing the US doesn’t have laws anymore.
There are definitely laws. They just don’t apply to rich people
Wow yeah that actually sounds quite illegal
studies showing that most bettors lose money.
How do “most betters lose money”? The way I understand it there’s a winner for every loser, no?
Bets aren’t 1-1.
You can have one person with insider information win a seemingly impossible bet against 1000 people taking the other side.
The person who wins takes in a ton of money, and Polymarket takes a cut.
Each of those 1000 people all thought they had an easy win, but the only people winning these bets are people who either are the people making the decisions, or who are in the room with the people making those decisions.
No, take a lottery for instance: many people play, almost no one wins. You can bet on “anything” on Polymarket, like when or where an event is going to take place, so most of the time you’re betting against the market. There’s probably plenty of bets where no one wins at all. Everyone betting could spontaneously agree that Punxsutawney Phil is going to see his shadow (unlikely I know, but if only 5 people are betting, it’s not that crazy), if he doesn’t, no one wins. Except the site.
Its not a lottery though…
Anyone who believes it’s not gambling… I have a bridge to sell you.
That winner is the house. Most players lose.
That means the wins are concentrated to a few while the losses are spread out
This is just a classic move for gambling platforms.
