Polymarket introduces deposit limits, lock-outs to combat trading addiction
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 lifetimeUS users can also now cap their daily, weekly or monthly depositsAny 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 saidThe 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 operationsCritics of the platforms have raised concerns about addiction, investor protection and market oversightPolymarket said it has partnered with US behavioral health provider Birches Health to offer treatment resources for users with compulsive trading habitsThe telehealth service is available across all 50 states and includes clinical assessments and customized recovery plansPolymarket also introduced a Trust & Safety Center to detail its platform rules and user protection policies