The only way you get more wisdom from “the crowd” is if it teases folks who hold non-public (or at least less public) information into the market to refine the odds towards what they should be.

Without insider information the entire concept is dead on arrival.

Yes randos are gonna gamble because they either don’t understand the game they are playing or are simple degenerate gamblers who want something else to gamble on. Others are going to think they know better or have limited insider information that isn’t worth as much as they think, or is not as accurate as they believe. And the delusional who simply think they know better for no logical reason but have convinced themselves otherwise.