I still don't see the line comparing this to insider trading. With insider trading, you know an event before hand that will obviously affect the stock price in one direction - a big takeover drive the stock up, a bad quarterly report drives the stock down, etc.
But in this case, they would still be just betting. There is no certainty (or near certainty) of events that will happen. I guess I don't think it's as terrible as everyone is making it out to be? I wouldn't think it would be too hard to know who is playing what player week from week - if you were in the industry, I bet most people could peg the percentage trends of players within a few percentage points, no?
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