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)