By SectorWire desk ·
The report said that ASIC warned no prediction markets currently hold Australian financial-market licences. Its Moneysmart warning said prospective users are more likely to lose money than profit.
The warning identifies an absence of Australian financial-market licensing for prediction platforms.
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The warning adds prediction markets to ASIC’s consumer protection guidance.
The warning concerns the absence of domestic protections when Australians use offshore prediction platforms.
The guidance warns users that offshore prediction markets lack Australian licensing protections.
The warning tells users prediction markets lack Australian financial-exchange licences and may produce losses.