PredictIt to Halt Trading in February After Regulator Pulls ‘No-Action’ Letter

Casino.org ^ | 05-AUG-2022 | Steve Bittenbender

[SpeedyInTexas]

PredictIt received notice Thursday from the US Commodity Futures Trading Commission (CFTC) that the federal agency was pulling its “No-Action” recommendation. That led the online political futures exchange to stop adding new markets immediately.

In an online statement addressed to traders, PredictIt said it would continue to operate through Feb. 15, 2023, the deadline the commission set to liquidate all open markets.

[SpeedyInTexas]

Going to miss that site.

[who_would_fardels_bear]

Is this the site that takes bets on the outcomes of elections? Are they being cancelled because the oddsmakers are shown to be off from the results in a very suspicious way, i.e. they predict a reasonable outcome, but somehow the other candidates win after ballots are stopped being counted and the recounted?

[oblomov]

A perfect case for pseudonymized blockchain tech, such as what we see at https://exoticmarkets.xyz/#/

[Dan in Wichita]

I was poised to win thousands of dollars on PredictIt around midnight on Nov 3, 2020. Wish I had sold before hitting the sack.

I woke up on the morning of Nov 4 only to discover all the races I was betting on had flipped in the wee morning hours.

Bad experience. I vowed never to participate in this type of gambling since the outcome was pre-determined by the political power brokers.

I won't miss PredictIt in the least.

[existentially_kuffer]

WAIT, not one person betted contrarian?

[Dan in Wichita]

I was the contrarian when I made the bet initially. I was betting on a Trump sweep in the battleground states. All the “experts” had Biden winning.

[DoughtyOne]

Thank heaven the CFTC is there to save us from ourselves.

I feel so much safer now.

No one, but no one loses any money on other CFTC santioned
commodities. /s

Whew!