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nyc_data_geek1 | on: Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence
Equities are underlying collateral. Prediction markets are literally just betting on an outcome, no underlying asset exists.
piltdownman | parent | next
Prediction Markets act the same way as Gambling Exchange - the assets are denominated as both sides of the book minus the spread.

https://www.betfair.com/exchange/plus/

delichon | parent | next
Collateral is not uncommon in gambling (e.g. pink slips). That does not seem to distinguish gambling from speculating.
bena | root | parent
That's not collateral, that's the thing being wagered.
petcat | parent
What collateral is underlying the massive, state-sponsored, Spanish lottery ticket and scratch off racket?
JCTheDenthog | root | parent | next
I don't think you'd find anyone arguing that the lottery isn't gambling, so I'm not sure what argument you're trying to make here.
contubernio | root | parent
A casino is by definition a house that takes rake and is not the government or one of its subsidiaries ...