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“If you’re buying or selling one-day options, that is not investing. It is not speculating. It is gambling,” Buffett said during an interview with CNBC. “There’s nobody who can explain why they’re buying an option for one day.”
Buffett, who built his fortune buying “wonderful businesses” at fair prices and holding them for the long term, believes the public has mistakenly adopted a get-rich-quick mindset.
“We’ve never had people in a more gambling mood,” Buffett observed.
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The regulator noted that several inactive accounts remained open long after users requested exclusion.
Specifically, 156 out of 229 accounts with no pending bets remained linked to BetStop users seven days after self-exclusion registration. Some accounts were non-compliant for periods extending up to 200 days.
Carolyn Lidgerwood, an ACMA member, stressed the importance of respecting self-exclusion decisions, stating “providers must respect that decision” and “must have robust systems in place”.
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Earlier this year, fellow prediction market platform Polymarket also ended its paid relationship with Santos amid a Department of Justice investigation over whether he had placed a wager on his appearance at the same State of Union address.
A federal judge sentenced Santos to 87 months in prison last April on felony wire fraud and check fraud charges. After Santos served several months in 2025, US President Donald Trump granted the former congressman clemency, resulting in his immediate release.
Shortly after his release, Santos had begun working as an influencer for Polymarket.