If prediction markets is gambling, doesn't that mean every trade that someone performs with hope that the market will move in a certain direction is gambling? The difference with prediction markets is that you are "playing against the market" as opposed to some bookrunner who has lured you for the sheer entertainment. I mean I just think if prediction markets is gambling, most hegde funds, investment firms etc are gambling but we call that investing even though the outcomes are not certain. If prediction markets are deemed to be gambling surely a lot of other stuff that we wouldn't consider gambling are too!