What do "any real sense" and "scale" mean here? I was watching the Betfair odds during the US election, and that market alone had about $500 million dollars of bets pass through it. Is that not real? Is half a billion dollars not sufficiently scaled up?
They mean that once they reach a certain scale they cease to be predictors and start affecting outcomes, not that it is impossible to allow people to bet on things indefinitely.
