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This is exactly as designed. The whole point of a prediction market is to encourage people who are knowledgeable about a subject to expose that knowledge in the form of bets. We should want people with inside information to be doing this to make the predictions more accurate.
If you don't have inside information or special knowledge then you probably shouldn't be gambling like that yourself. It'd be like buying stocks on the stock market without knowing anything about the industries the stocks are from.
We should completely outlaw such markets. The incentive to manipulate these things is enormous.
If there were no suckers, there would be no money, no winnings to motivate the insiders. It requires exploitation in order to "function."
The next step will be stratifying the insiders. Big bettors, people who hear things and think they know things, suckered by a tiny cadre of the innermost circle. Maybe that's happened already.
Eventually, of course, there will be motivation to spread falsehoods to change the odds in the insider's favor. Or to outright direct history to take advantage of long odds.