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Australia Casts Doubt on Retail Prediction Markets
Australia’s corporate regulator, ASIC, expressed doubt about the public interest of prediction markets for retail clients, stating they have 'all the features of a bet.' The statement, issued a day after ASIC Chair Sarah Court told senators no prediction market operator had applied to run one in the country, comes without a formal ban. ASIC highlighted the speculative nature of these markets, noting they involve an all-or-nothing outcome and often relate to events with no investment relevance, such as weather forecasts or sports outcomes. The regulator also flagged potential market integrity risks, including misuse of confidential information and disputes over outcome determination.