One of the few political betting markets in the nation, according to Wall Street’s top derivatives regulator, has only six more months to live.
PredictIt, an 8-year-old trading platform where thousands of politically astute investors and Washington insiders bet on everything from who will win the San Jose mayoral election to whether President Joe Biden will be his party’s 2024 nominee, will close in the United States in February after the Commodity Futures Trading Commission found it had broken market regulations.
Under rules established by the CFTC in 2014, Victoria University of Wellington in New Zealand established PredictIt as an experimental prediction market to be run “for academic research purposes only.”
The regulator withheld information about how PredictIt violated the rules, and a representative for Victoria University stated that the university disagreed with the CFTC’s ruling.
Investors have the option to wager on so-called event contracts, which have grown increasingly popular throughout financial markets in recent years as a result of the expansion of the derivative products’ range of available options.
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