Serial

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Asked by Hall on how Texas should proceed moving forward, York advised that the state should seek an order that would require prediction markets to geofence their platforms from operating statewide. York also prefers the pursuit of litigation against prediction markets in state court, rather than the federal circuit, where state attorney generals have been less successful.

“Prediction markets think they can mess with Texas,” York said. “I hope you prove them wrong.”

In response, DeNault noted that prediction markets regulated on the federal level by the CFTC offer a “safer alternative” than many offshore operators that lack the requisite consumer protections.

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Akolade explains: “Every African country has its own legal framework, culture, and level of market development, so a single model might not work everywhere.

“What we do believe is that basic principles should apply across all markets. These include protecting minors, providing effective self-exclusion options, promoting responsible advertising and ensuring that people affected by gambling harm can access support.

“ARGN will help to shape these principles into standards while allowing countries to implement them in ways that fit their local realities.”

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Bentley believes regulated operators are genuinely trying to do the right thing but says some mistakes could be mitigated through better automation and continuous monitoring. Enforcement statements also provide lessons that businesses should use to test their own exposure.

“It would be crazy to say that these cases are positive for the industry,” he says. “They will no doubt continue, but as an industry we need to try to reduce their frequency.”

Enforcement publicity may lack context, and some settlements may involve errors rather than systemic recklessness. But the sector cannot control how its opponents use these cases. It can only reduce the supply.