Genius Sports says prediction-market demand will survive regulatory change
Chief executive Mark Locke says the company can earn from exchanges, market makers and sportsbooks even if today’s model is reshaped.
Chief executive Mark Locke says the company can earn from exchanges, market makers and sportsbooks even if today’s model is reshaped.
Patriots-Seahawks and 49ers-Rams each drew more than $100 million as Week 1 trading spread well beyond the opening games.
Combined volume rose 9.3% in the Sept. 7-13 week as sports contracts and a Fed rate bet dominated trading.
Polymarket and Kalshi traders marked up the crypto bill, though Democrats still face a 60-vote cloture hurdle and a longer road to final passage.
The trade group told a federal judge that sports-event contracts are gambling products in substance, not just derivatives, as the wider battle over who regulates prediction markets deepens.
Analysts see football as a near-term driver for event-contract trading, with NBC News saying volume on Kalshi and Polymarket could top $36 billion.
The social gaming site mixes prediction markets and casino-style play while saying users face no real-money wagering or cash prizes.
The watchdog also questioned partial geo-blocks, saying event contracts can fall under securities, crypto or gambling rules depending on how they are structured.
One bill would hand oversight to the state gaming board and impose steep taxes, while another would target insider trading, manipulation and sensitive wagers.
Existing contracts on Globex will keep trading, clearing and settling as the exchange rewrites its listing schedule.
FOIA records point to private investigations into Biden pardon markets, Iran contracts and Google-themed trades.
State officials say the firms were offering unlicensed sports event contracts and must stop advertising, promoting and making them available to residents.