They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.
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How do you defend these slimey companies? They’re actively running a mob casino and you still have people acting like government is the bad guys here. That doesn’t mean there can’t be better regulation of other markets, but comparing prediction markets to stock markets is a huge stretch.
Disagree, I find their product valuable and use them daily as a source of unusually high quality predictions. When used for this purpose insider trading is a feature that improves the quality of predictions. I see some fraud as in any market, but the overwhelming majority of transactions are voluntary, open and relatively informed within a highly transparent system.
I think that self fulfilling prophecy attempts by deep pockets trying to sway markets by bucking trends generally transfers money from more to less foolish bettors.
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It's not a casino. You aren't betting against the house with polymarket, unlike with gambling sites. You're betting against other players.
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Equities are underlying collateral. Prediction markets are literally just betting on an outcome, no underlying asset exists.
Prediction Markets act the same way as Gambling Exchange - the assets are denominated as both sides of the book minus the spread.
Collateral is not uncommon in gambling (e.g. pink slips). That does not seem to distinguish gambling from speculating.
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What collateral is underlying the massive, state-sponsored, Spanish lottery ticket and scratch off racket?
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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.
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It's not like equities markets are unregulated, be serious.
Your comment explains long queues to lottery ticket offices every time I visit Spain:)