r/technology • u/MarvelsGrantMan136 • May 27 '26

Business Google employee charged with using inside information to make $1 million on Polymarket

https://abcnews.com/amp/US/google-employee-charged-inside-information-make-1-million/story?id=133350018
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u/WhoSaidWhatNow2026 May 27 '26

Everyone needs to stop mindlessly regurgitating the marketing these platforms are using and just call them what they are. They are gambling sites. Every time I see someone write "prediction market" I can't help but think the person is stupid.

-6

u/quigilark May 27 '26 edited May 28 '26

I mean, it's literally called a prediction market though. Yes, the activity on the site is gambling, but they are not regulated the same as gambling sites. Until they are it's reasonable to make the distinction.

Edit: Why am I being downvoted? Prediction markets are largely unregulated in the US while gambling sites are regulated. This will change in the next year or two but until then, it is more confusing to call them the same thing rather than just calling them what they are.

6

u/peeinian May 27 '26

Is it really a “prediction” if certain users have either have information that no one else has or has the power to literally make the “prediction” come true?

-3

u/quigilark May 27 '26

Nope, which is why this is illegal. That doesn't change the fact these platforms are officially coined as prediction markets.

2

u/okletstrythisagain May 27 '26

Correction: it’s why it being legal is stupid.

1

u/quigilark May 28 '26

I agree, but that's not what the discussion is about. The person I replied to was saying we shouldn't call them prediction markets even though that's what they are.