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taw comments on Arbitrage of prediction markets - Less Wrong
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Intrade and IEM don't usually pay interest on deposits, so for long term bets you can win the bet and still lose overall. The obvious solution is for them to pay such interest, but then they'd lose a hidden tax many customers don't notice.
That wouldn't really fix the problem, as interests paid on deposits would be much smaller than interest you have to pay for loaning collateral.