Polymarket introduces deposit limits, lock-outs to combat trading addiction

Sept 30 (Reuters) - Prediction ‌market startup Polymarket ​on ​Wednesday rolled out a slew of tools to help users manage compulsive behavior, including ‌voluntary deposit limits, lock-outs and access to mental ⁠health resources.

Polymarket and New York's attorney general had sued each other ‌last week, escalating a ‌nationwide debate over whether prediction markets violate state laws against illegal gambling.

Here are more details:

• Traders can ​now voluntarily lock themselves out of the platform for 30 days, one year or a lifetime

• ⁠US users can also now cap their daily, weekly or monthly deposits

• Any ​move to lower the deposit limits takes effect immediately, while requests to raise or remove ​them will trigger a mandatory ‌cooling-off period, the company said

• The prediction markets industry, pioneered by Polymarket and rival ⁠Kalshi, rose to prominence by allowing punters to bet on almost anything, including sports events, elections and military operations

• ⁠Critics of the platforms have raised concerns about addiction, investor protection ​and market oversight

• Polymarket said it has partnered with US behavioral health provider Birches Health to offer treatment resources for users ‌with compulsive trading habits

• The telehealth service is available across all 50 states and ‌includes clinical assessments and customized recovery plans

• Polymarket also ⁠introduced a Trust & Safety ‌Center to detail ​its platform rules and user protection policies

(Reporting by Pritam Biswas in Bengaluru; Editing by Sahal ‌Muhammed)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• General Mills names insider McNabb as CEO, succeeding veteran Harmening
• Judge blocks New York rent-setting software ban
• Brazilian soccer teams cry foul at Lula's online betting ban