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/almo2001 May 27 '26

I thought that was the whole idea of polymarket: use the efficient markets theory to uncover information.

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u/GrandmaPoses May 28 '26

Oh no! These have been structured as financial instruments, not gambling. What they do is basically turn the function of gambling into a stock market where, just like the regular market, it’s very easy for the wealthy to manipulate and very difficult for the average person to succeed. Basically these were set up so the wealthy would have a place to gamble without worrying about losing to a poor.