Critics have called it unethical and pointed out that people might start fires to collect on bets. On the other hand, prediction markets can highlight risk and change behaviors in the real world.
Bets on real-world events are becoming more common, and putting down some money on who will become the Catholic Church’s next leader is just one more example.
The Supreme Court left in place an agreement between the Seminole Tribe of Florida and the state of Florida, which gives the Seminole Tribe the exclusive right to offer online sports betting statewide.
Several tribes are asking voters to pass a measure that would allow sports gambling on tribal lands and race tracks. Opponents say it could hurt card rooms.
