What is the defense in the US for example that these are not gambling, "bets are placed on uncertain outcomes", it's that close to, if not the definition of gambling ?
So where is the line drawn? In the US there has been a tremendous amount of money spent on lobbying to keep prediction markets on the not gambling side.
I'm sure you need a license to become an insurance broker, stock broker, commodoties broker.
Gambling license is all they need to get.
Right, because it's not gambling, there are different regulations around gambling. All they need to do it GET their gambling license and they can continue, but in this case they will need to follow those regulations. Such as (Italy in this case):
Offer self-exclusion tools for vulnerable players;
Implement identity and age verification procedures;
Comply with anti-money laundering (AML) regulations and GDPR for data protection;
Pay online gaming taxes, which range between 20% and 25% of gross gaming revenue.