The Australian Securities and Investments Commission (ASIC) is warning citizens that prediction markets are not licensed in the country and that contracts on the offshore sites can be manipulated.
In a message via financial guidance website Moneysmart, operated by ASIC, the watchdog warns that punters “may be betting against other traders with confidential or inside information. ” This was recently exemplified in a Netflix documentary which highlighted multiple cases of manipulation – one of which recently resulted in a $35,000 fine against a former U.S. congressman.
The authority refers citizens to the Australian Communications and Media Authority (ACMA) list of blocked gambling websites to see whether their bets are covered under “important rights and protections under Australian financial services law.
