Concerned about the exploding participation in Sports Betting, I published my feelings last year. Now, Prediction Markets have broadened those concerns, encouraging addiction-prone individuals to bet on almost any upcoming event or decision in human society, in America or across the globe.
Available to those 18 years of age or older, these markets offer excitement, potential financial windfalls and alternatives to traditional employment and investment. Of course, they also carry the risk of addiction, bankruptcy and criminal behavior, including insider trading. Unlike regulated gambling, there appears to be minimal consumer protection or fraud detection in these markets.
Heavily advertised, Prediction Markets are said to democratize participation in political, economic and social decisions and are defended as a form of "crowd sourcing." No doubt, as with other forms of gambling, appropriate warnings and numbers to call for counseling make the purveyors of these markets feel socially responsible as they rake in the proceeds.
