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Warren Buffett has criticized prediction markets, grouping them with sports betting and day trading as a "tax on stupidity" in a recent CNBC interview. Buffett argued that state-sponsored gambling disproportionately benefits wealthy individuals by relieving their tax burdens. This perspective, which Buffett has expressed before, gained renewed attention after being highlighted on social media.Buffett's comments come as prediction markets, such as Kalshi and Polymarket, continue to argue that their event contracts are federally regulated derivatives, not gambling. Despite this, Buffett's remarks suggest he views these markets as similar to state-sponsored betting, which he believes unfairly targets those who can least afford it. The debate over the regulatory classification of prediction markets remains ongoing, with differing views between state regulators and federal authorities.

KALSHI+0.77%POLY-3.48%

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