"I think there's a lot of things that we can learn from regulation of the tobacco industry that we can apply here. Just like when we took on Big Tobacco, there was a large array of different regulations that were brought up to effectively rein in the industry; it wasn't one silver bullet."
"Pervasive gambling is not good for society. It turns life into a casino, traps people in addiction & debt, surges domestic violence, and fosters manipulation."
Rep. Alexandria Ocasio-Cortez advocates for regulating prediction markets similarly to the tobacco industry. She suggests a ban on advertising and highlights the need for comprehensive regulations. Ocasio-Cortez criticizes the recent Polymarket deal with Major League Baseball and argues that current measures against insider trading are insufficient. She expresses concerns about gambling addiction and its societal impacts, stating that pervasive gambling leads to addiction, debt, and domestic violence. Prediction markets like Kalshi and Polymarket argue they are not gambling, seeking to avoid state gambling regulations.
Read at www.businessinsider.com
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