this post was submitted on 04 Jan 2026
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A Boring Dystopia
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I'm willing go bet a lot of people making weird bets like this are doing the equivalent of insider trading. The whole concept of betting on random news is ripe for the opportunity for people with insider knowledge to always win big off of the losses of gambling addicts.
That's the point of those platforms, to bribe the people with that knowledge to reveal it.
What would happen to those platforms if governments and rich people deliberately made a bunch of $35k bets that were designed to lose, making all the copycat gamblers lose?
BTW, who is responsible for preventing new bets after the event has occurred, but before the event expiration time?
They would still make money since they take a cut off every bet. Just not as much as selling their insider data.
Which, fwiw, night be a feature not a downside? Transparency if the fact is juicy enough.
Yeah unlike sports where at least the games are ostensibly fair, heavily scrutinized, and managed by organizations that try to stop this. Even then it still happens sometimes.
This system is just completely unenforceable insanity.
Of course it is and the creators know that. But it's profitable