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ASIC questions retail value of prediction markets in Australia

Regulation

ASIC chair Sarah Court said the regulator remains unconvinced that retail customers should trade prediction-market contracts in Australia. ASIC said the contracts can resemble bets with all-or-nothing outcomes and warned that Australian financial services licensees remain responsible for their legal obligations when facilitating access to offshore platforms.

Licensees facilitating offshore access must assess their Australian legal obligations as ASIC questions the public benefit of retail prediction-market trading.

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Regulation

Polymarket investigates suspicious trading around Israeli election markets

Polymarket is investigating trading around Israel’s 27 October election after analytics firms flagged newly created accounts placing profitable wagers, according to reports. The platform confirmed the investigation, while the reported trading included a $14,000 stake that was cashed out for $42,000 after exit polls indicated stronger-than-projected support for Benjamin Netanyahu’s Likud party.

The prediction market platform Polymarket is looking into whether insider trading affected its markets tied to the Israeli election and to how Prime Minister Benjamin Netanyahu would perform in the Oct. 27 vote. The company gave no public statement, yet it confirmed the probe when asked.

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