ASIC warns against offshore prediction markets, likens them to gambling
Quick Look
Australia's corporate watchdog ASIC has issued its strongest warning yet against offshore prediction markets, which are illegal in the country and offer no consumer protection, with Alan Kirkland comparing them to gambling.
AI-generated summary
Why It Matters
ASIC has issued a strong warning regarding offshore prediction markets, which are illegal in Australia and lack consumer protection under financial services laws.
The corporate watchdog ASIC has issued its strongest warning yet about the risk of offshore prediction markets.
Prediction markets are illegal in Australia and consumers are not protected under financial services laws.
ASIC's Alan Kirkland has compared prediction markets to gambling, and says if you use the platforms, you are likely to lose.
"Whatever the legal definition of a prediction market, let's just focus on the substance and in all practical terms, it is akin to gambling," he says.
Open Questions
- How widespread is the use of offshore prediction markets in Australia?
- What specific enforcement actions will ASIC take?
