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Vanguard’s boss has warned that prediction markets have become “a form of financial exploitation”, as concerns mount about widespread use of betting platforms and potential risks of manipulation.

Salim Ramji, Vanguard’s chief executive, told an audience at the Economic Club of New York on Thursday that there was a “really important distinction between investing and gambling”. “You have too many platforms out there that are focused on engagement, and not focused on outcomes.

READ MORE: Vanguard chief warns of ‘financial exploitation’ by prediction markets