Sports Betting or Prediction Markets?
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Calling it "sports betting"? It's illegal in many states.
Calling it a "prediction market"? It's legal -- regulated federally and out of the reach of state laws.How does an operator or a "prediction market" distinguishes its practice from "sports betting"? It claims that in "sports betting" the bookmaker keeps the money when bettors lose their bets, where as a "prediction market" maker facilitates trading of futures contracts tied to sporting outcomes between users and take a cut of the proceeds as "service fee."
Do you buy this?
Maybe expect more "sport betting" operations to restructure themselves into "predictive markets."
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