Posted on 05/21/2024 9:47:51 AM PDT by ChicagoConservative27
The Biden administration ordered a ban on 2024 election betting markets, which often show former President Donald Trump winning in November and President Joe Biden remaining his party’s nominee.
Betting markets often provide different insights than election polling that established media outlets perform and are often useful to academics and journalists.
The Commodity Futures Trading Commission proposed a rule on May 10 to permanently ban betting on election commercial prediction markets in the United States, the New York Times’ Jeff Sommer recently reported, even as sports gambling became largely deregulated, soaring in popularity:
Rostin Behnam, the chairman of the C.F.T.C., said in an interview on Wednesday that he was sympathetic to the idea that the markets have social utility, especially in an election year.
But, he said, it’s urgent to rein in the markets now because “there has been an exponential growth in the contracts that are, or want to be, listed” on commercial exchanges. If they are left unchecked, he said, the commission could find itself in the position of needing to investigate allegations of election fraud that could alter the prices of election prediction contracts. Big money is in play in U.S. elections, he said, and “election integrity and the democratic process” need to be protected.
The proposed rule would also prohibit placing wagers on prediction markets on less weighty subjects than national elections. Prohibited areas include the Oscars and other awards, sports and sports-connected events and unspecified subjects broadly classified as “gaming” — a word that I usually translate as gambling but that the commission has been using more broadly.
Sites that offer election markets are Kalshi, Polymarket, and PredictIt.
(Excerpt) Read more at breitbart.com ...
He the King.
I bet you 100 bucks that it simply moves offshore.
Fools. Barbara Streisand effect.
Fine looking fellow, no conflict of interest here. https://en.wikipedia.org/wiki/Rostin_Behnam
biden and his gender crap- Kevin nails it again
Kevin Sorbo
@sorbo
Get some roosters for eggs,
Raise some bulls for milk,
Then you will see that gender matters!
Especially at milking time.
The dictator has spoken!
Biden makes a panicked move and shuts down a stream of bad names - Surrender Monkeys’ response - “More evidence, I take it, that the fix is in?”
“It will rain somewhere in America tomorrow.”
Surrender Monkeys’ response - “More evidence, I take it, that the fix is in?”
“Trump pulls ahead nationally by 12 points in Rasmussen Poll”
Surrender Monkeys’ response - More evidence, I take it, that the fix is in?
“Crime Boss Joey’s brother Uncle Jimmy and his wife Sara are indicted.”
Surrender Monkeys’ response - More evidence, I take it, that the fix is in?
I seem to recall them favoring Kerry heavily on election day, prior to the announcement of the trouncing he took. Soros probably lost a lot of lunch money on that gimmick.
Whyever would he do this? 🤔
If Biden were the odds-on favorite, the betting markets not only wouldn’t be banned, they’d be promoted.
Betting markets have been more accurate than polls for a long time. Money talks.
Kind of strange that the Commodity Futures Trading Commission is involved.
Elections are a Commodity?
Much closer to sports betting, in my mind.
I see TV programs dedicated to sports betting, so it must already be under some level of federal supervision.
‘All tyrannies rule through fraud and force, but once the fraud is exposed they must rely exclusively on force.’ —George Orwell
can the administration do this?
It is like saying no more hamburger joint.
these are businesses.
Basically just put sites like Predictt out of business.
That sort of figures in my favorite episode of Danger Man about halfway in.
https://m.imdb.com/title/tt0553854/
https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission
The Commodity Exchange Act (CEA), 7 U.S.C. § 1 et seq., prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.[5] After the financial crisis of 2007–08 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, the CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion-dollar swaps market.[6][citation needed]
The last two elections were the two most gambled on events in history. Much of the world can legally bet on it except in the US.
This guy is an idiot. Betting is allowed in this country under the guise of it being an academic pursuit. Academically, they have tiny limits. This is akin to banning flipping baseball cards.
They already proved to us that they can do exactly that -— no more hamburger joint for you -— during the covid quarantine overreach.
Bush was around the 3/2 betting favorite despite being less of a favorite in the polls.
Dang it! I always check the odds. Not that I’m a betting man, but the odds on favorite might be more accurate than polling... unless there’s a steal.
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