Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
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Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#2well, it's gambling.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#3They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#4Oh so finally someone is calling a spade a spade.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#5They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
Equities are underlying collateral. Prediction markets are literally just betting on an outcome, no underlying asset exists.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#6They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
Even if it was the same --I think it's not-- you'll need a "SIBE operator license", and cannot do it solo, you have to be an employee of an authorized firm (bank, broker or dealer).
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#7These - especially Polymarket - should be illegal globally, as they incentivize people with power to manipulate the real world in horribly destructive ways to win a bet.
I would not be surprised if people are murdered at some point to reap the payout of some related bet.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#8They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
Equities are underlying collateral. Prediction markets are literally just betting on an outcome, no underlying asset exists.
Collateral is not uncommon in gambling (e.g. pink slips). That does not seem to distinguish gambling from speculating.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#9Well, that makes perfect sense. The whole world will eventually do the same. gambling with software is still gambling, just like accounting with software is still accounting.
Re: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
#10They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
Even if it was the same --I think it's not-- you'll need a "SIBE operator license", and cannot do it solo, you have to be an employee of an authorized firm (bank, broker or dealer).
It seems redundant to have two different regulatory systems for slightly different kinds of speculation.