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> The argument against it is that markets would be more efficient if people were allowed to trade on information not yet available to the public

If that is true, then markets would be even more efficient is such information was made public immediately.

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That sounds about right. It is hard to make all information public asap (with all the regulation), so I would assume it would be hard to get rid of the wiggle room between when an insider can place a bet and the information actually becomes public

Matt Levine's most recent article touches on insider trading pros and cons (in relation to sports betting) and is, as usual, a great read - https://archive.is/jJ25g

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