Australia Casts Doubt on Retail Prediction Markets, Calls Them Bets

Australia’s corporate regulator cast doubt on the notion that prediction markets for retail clients are in the public interest, arguing the contracts have “all the features of a bet.” The statement stops short of a formal ban and came a day after ASIC Chair Sarah Court told senators that no prediction market operator has applied to run one in the country. The Australian Securities and Investments Commission (ASIC) said on Friday that it is not currently convinced that prediction markets for retail clients are in the public interest , in a statement attributed to Court. “Prediction market contracts have all the features of a bet,” the regulator said, describing them as highly speculative and typically involving an all-or-nothing outcome based on whether a particular event occurs.

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