The rise of prediction markets is blurring lines regulators don’t want to be crossed... Michigan’s gaming board just launched a formal investigation, citing consumer risks, lack of oversight, and lost tax revenue. The concern do not regard just legality, but framing betting as “investment.” Platforms like Kalshi, Robinhood, and Crypto[.]com are now at the center of a growing debate: are prediction markets a form of responsible speculation or a regulatory loophole dressed in financial language? Where should we draw the line between entertainment and investment?