No Prediction Market Has Applied to Operate in Australia, Its Financial Regulator Says
By Damian Chmiel
AI summary of the source article
ASIC Chair Sarah Court stated that no prediction market operator has applied to operate in Australia. Any future license bid under the financial services regime would face a high bar, leaving platforms likely subject to gambling rules.
Why it matters
Australians can still reach offshore venues, but they lose access to dispute resolution and client money safeguards, according to ASIC.
Key facts
- No prediction market operator has applied to ASIC for permission to operate in Australia.
- Without an Australian financial services license, prediction market platforms are more likely to face gambling rules than financial regulations.
- ASIC previously stated event contracts share characteristics with binary options, which are banned for retail clients in Australia until October 2031.
Source excerpt · Finance Magnates
No prediction market operator has asked the Australian Securities and Investments Commission (ASIC) for permission to run its business in the country. Sarah Court, who chairs the regulator, gave the update at a Senate estimates hearing today (Thursday). Court said an application under Australia's financial services licensing regime would give ASIC a chance to test whether the platforms are suitabl…