Robinhood launched a new feature where we could bet on the presidential candidate. I've heard of a couple others too, so I think that laws were created and funded by competitors, and they defined what was legal in a way that excluded polymarket.
I think in this case, polymarket allows betting on anything, competitors got betting on the election legalized (https://www.barrons.com/news/last-minute-legal-ruling-allows...), so they get the cash from polymarket's idea then get them banned/stopped long enough to take their market share.
VC's call it Regulatory Capture, politicians call it corruption.
I think in this case, polymarket allows betting on anything, competitors got betting on the election legalized (https://www.barrons.com/news/last-minute-legal-ruling-allows...), so they get the cash from polymarket's idea then get them banned/stopped long enough to take their market share.
VC's call it Regulatory Capture, politicians call it corruption.