When you bet, everyone is betting against the House. While unlikely, and it averages out, the House might still lose individual bets.
“Prediction markets” are people betting against each other directly. The House takes a slice of every prediction, but on long and short term, the House can only win. There is literally no way for the House to ever lose.
That’s the difference. That and people are able to bet on anything, even things that can obviously be rigged like when someone literally read off a list of phrases on an earnings call to cause every “prediction” to hit and pay out.
When you bet, everyone is betting against the House. While unlikely, and it averages out, the House might still lose individual bets.
“Prediction markets” are people betting against each other directly. The House takes a slice of every prediction, but on long and short term, the House can only win. There is literally no way for the House to ever lose.
That’s the difference. That and people are able to bet on anything, even things that can obviously be rigged like when someone literally read off a list of phrases on an earnings call to cause every “prediction” to hit and pay out.