Prediction markets are not casinos, not casinos, not casinos. --The probabilities and odds of events in prediction markets are determined through market competition. Casino market probabilities and odds are calculated based on historical data and models. --Prediction markets target traders, while casinos target consumers. --A zero banker advantage in prediction markets results in a positive EV for those with an information advantage. Casinos have a banker advantage, resulting in a positive EV for casinos and a negative EV for gamblers. Prediction markets are more similar to binary options, which is why the US categorizes them under the CFTC's supervision. If they were casinos, they would be regulated by other agencies.