There's this common pitch that prediction markets aren't gambling—they're "efficient price discovery mechanisms." But here's the reality check: dumped $500 on what looked like an obvious Yes bet, and it got liquidated faster than expected. Turns out, information asymmetry is very real in these markets. Early movers and well-connected participants often have data advantages that retail users simply can't match. Before jumping into prediction markets, understand that they're not always level playing fields. Market structure matters as much as your prediction accuracy.