The betting market on Pope Francis’s succession has seen a surge in activity, exceeding $2 million in trading volume following concerns about the pontiff’s health. The unregulated Polymarket platform operates in a regulatory grey area due to its reliance on cryptocurrencies. 🪪
Key candidates like Cardinal Pietro Parolin and Archbishop Luis Antonio Tagle are leading the betting odds. Cardinal Parolin, commenting on the phenomenon, stated: ‘I am aware that betting on papal succession reflects public interest, but such activities can be seen as inappropriate by many.’
Polymarket faces scrutiny from regulatory bodies, having settled with the CFTC to influence platform operations.
Controversy Rages Over Ethics of Papal Betting