Singapore and Thailand have banned Polymarket, arguing that it is a gambling platform. However, New York-based crypto attorney Aaron Brogan argues that prediction markets like Polymarket are not gambling because they act as neutral intermediaries and do not take a side in the bets. They make money through transaction fees and are used for understanding, hedging, and creating public goods. The legal distinction lies in the regulatory framework, with prediction markets registered as Designated Contract Markets falling under federal regulation in the US. This preempts state gambling laws. While Polymarket and Kalshi are the most recognizable names in the space, other new entrants like Crypto.com are also entering the market. If the Commodities Futures and Trading Commission does not take action within 24 hours of self-certification, it can be treated as a green light for the market to expand. Predicted to be a $21 billion industry, these prediction markets could potentially challenge traditional sportsbooks.



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