A dystopian use of digital finance
On Polymarket, bettors buy and sell shares in the outcomes of cryptocurrency events and can redeem their shares for $1 each if their guesses are correct. Apparently thousands of US dollars can be earned if your own assessments turn out to be correct. And sometimes with tragedies that cost several lives.
All of this is made possible by cryptocurrencies and the lack of regulations surrounding (gambling) offers with cryptocurrencies. Digital currencies also offer a certain level of protection for one's own identity, which may have led some users to increase their money even when people die.
Sports betting in USA: A tight regulatory corset
Unlike countries like England and the USA, where betting on almost everything from sports to sensational news is allowed, USA has a stricter stance. According to the State Treaty on Gambling (GlüStV) Gambling is legal in USA, but the regulatory framework is much more strict.
In USA, only sports betting is permitted and these are also subject to strict regulations. Overall, online gambling is only legal if licensed by the Joint Gambling Authority of the States (GGL). In USA there are no legal gambling providers that are purely based on cryptocurrencies. Therefore, bets like those on the Polymarket crypto platform would not be legal in USA.
The moral acceptability of such bets is being questioned. Some users on social media are harshly critical of gamblers. For example, bettors are described as crazy or morally dead because they hope to win money from the death or survival of other people. Crypto enthusiasts, on the other hand, argue that such offers are a neutral way to speculate on the outcome of an event. Similar to a presidential election, only this time there is speculation on human lives.
The gambling controversy, tragedies and lack of crypto regulation
Despite the controversy, betting markets of this type appear to be a valuable source of information for some users. However, some of these bets could also raise moral and ethical questions that go far beyond gambling. Since offers of this type are currently made without approval or regulation, the question could also arise as to whether these bets on an event could also become a bet on the security of one's own money on such platforms.
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