The World Lottery Association has intensified its criticism of prediction markets, calling for regulators to subject the rapidly growing sector to the same rules and safeguards that apply to traditional gambling operators.
In a paper on the matter, the World Lottery Association said that platforms that offer users the chance to profit from predicting the outcomes of sporting events carry risks similar to those of traditional sports betting. The association called for equivalent oversight, rather than jurisdictions that currently classify the products as financial instruments rather than gambling.
The paper was published as prediction market activity continued to rise globally.
