Gemini Gets CFTC Approval to Launch Prediction Markets in US

[_act_]

United States is really giving license to companies that want to offer prediction market. It was Polymarket just of recent but now it is Gemini.

Gemini's CEO, Tyler Winklevoss, credited the Trump administration for ending the war on crypto, following the CFTC approval.

You can read about it better on https://decrypt.co/351936/gemini-cftc-approval-prediction-markets-us

I think more sites that are offering prediction market will soon come to United States.

[Dr.Bitcoin_Strange]

I guess it's because other prediction market like polymarket are being profitable that's why others think it wise to emerge too, and since prediction market are not taken as gambling, they can make more success and soon other sports book could take it as an opportunity to launch their own site too and call it prediction market, so that they get approval in the US too, just my guess.

[Oshosondy]

I guess it's because other prediction market like polymarket are being profitable that's why others think it wise to emerge too

Yes, prediction market is very profitable. More people also know about it during the last United States election when a French man won almost $50 million dollar on Polymarket.

and since prediction market are not taken as gambling, they can make more success and soon other sports book could take it as an opportunity to launch their own site too and call it prediction market, so that they get approval in the US too, just my guess.

I noticed that exchanges are the ones that are launching it, but it will be good if gambling sites start to launch a prediction market.

[$crypto$]

Polymarket, Kalshi has made huge profits from this prediction market so don't be surprised to see many new sites similar to Polymarket.

Is it possible for many people to end up betting into prediction markets given the current trend that continues to rise?

Actually, I don't think so because betting sites in general will remain crowded, it's only when the hype happens that it will become overwhelming.

[Haunebu]

Ending the war on crypto? That's laughable. The things people do to stay in the orange clown's good graces make sense despite being messed up. BTC and other popular cryptocurrencies never will require any one person to flourish.

Coming to the topic itself, it's good to see more prediction sites giving competition to Polymarket reducing the chances of manipulation to a certain extent. Heard Binance head is launching something similar soon too.

[Wiwo]

I guess it's because other prediction market like polymarket are being profitable that's why others think it wise to emerge too, and since prediction market are not taken as gambling, they can make more success and soon other sports book could take it as an opportunity to launch their own site too and call it prediction market, so that they get approval in the US too, just my guess.

The predictions market is a new discovered sectors after gambling that have high volumes of demands,  and this makes it profitable sectors for market provider's like polymarket.

And if poly market can get the license,  then any other company that can provide a competitive market and needed market predictions infrastructure,  can also get license to operate.

As it is, we need all the alternatives since the United state just started their official cryptocurrency adoptions,  and with high regulations, which make it easy for start ups to uptain license under the TRUMP Administration.

[stompix]

Gemini's CEO, Tyler Winklevoss, credited the Trump administration for ending the war on crypto,

You mean ending the war on scams and allowing every piece of shit to launch his coin and fleece the "investors?
Like Trump coin and Melania coin?
Who is gullible enough not to think that they plan on making twice as much as they paid Trump, and this will come obviously from the pockets of "investors" dumb enough to believe their crap?

Polymarket, Kalshi has made huge profits from this prediction market so don't be surprised to see many new sites similar to Polymarket.

Kalshi reported $24 million in revenue for 2024, Flutter (the one owning Betfair, Sportsbet and Pokerstars) made 14 thousand millions!

[_act_]

You mean ending the war on scams and allowing every piece of shit to launch his coin and fleece the "investors?
Like Trump coin and Melania coin?
Who is gullible enough not to think that they plan on making twice as much as they paid Trump, and this will come obviously from the pockets of "investors" dumb enough to believe their crap?

It will not be funny if each prediction markets will start launching their own tokens also in a way it will pump and later dump as usual. Many coins like this in this year that I thought will not dump all dumped. Not few of them, it is all of them that I know that dump.

You were right about Trump, Trump, Melania and WLFI all dumped as usual.

Many people bare scammed in the manipulative markets.

[r_victory]

Polymarket's business model has proven highly profitable, and it's more than obvious that many companies will pivot to this model or integrate it into the model they already use. The United States, under the Trump administration, has shown itself to be quite favorable to such markets, along with the cryptocurrency market.

[OgNasty]

I think Polymarket and Kashi are both run by teenagers, so this market is ripe for the taking.  No surprise that Gemini is jumping in with both feet.  I imagine many more businesses will follow to try and become the one prediction market that wins the customers. 

[STT]

Is this gambling or hedging a business type of risk to balance, ie. its got valid utility in a wider economy.
  I know there is some overlap between gambling and all kinds of risk so maybe it doesnt matter so long as its being allowed as legitimate business, I think its good for everyone.

  Due to that business link it seems more likely to endure multiple administrations not just this one.    USA was previously very much against any competition to established routes of trading both risk and anything betting related.  An expanded market open to all competitors seems far healthier in what should be a growing economy.

[Charles-Tim]

Due to that business link it seems more likely to endure multiple administrations not just this one.  USA was previously very much against any competition to established routes of trading both risk and anything betting related.  An expanded market open to all competitors seems far healthier in what should be a growing economy.

There is still no competition about this, Polymarket was not given license before, but did you know that the prediction market is based in New York, United States. Also Kalshi and Gemini are both located in New York, United States. If all of them are located in United States, there is still no competition about this in regard to what you meant.

[aioc]

I think more sites that are offering prediction market will soon come to United States.

It's becoming a big industry, CZ is coming out of its own, and it's going to be tough competition between these credible names in the community.
I will not be surprised if it becomes the most talked-about market; more will come out because developers follow where the money is. Let's see if there are standalone predictions backed by top casinos joining the market.

[alegotardo]

United States is really giving license to companies that want to offer prediction market. It was Polymarket just of recent but now it is Gemini.

Gemini's CEO, Tyler Winklevoss, credited the Trump administration for ending the war on crypto, following the CFTC approval.

You can read about it better on https://decrypt.co/351936/gemini-cftc-approval-prediction-markets-us

I think more sites that are offering prediction market will soon come to United States.

This will become increasingly common now that the US regulator and the CFTC have finally opened an official path for these prediction markets to operate instead of treating everything as illegal as before... now there are clearer laws for this and, most importantly, a lot of money is involved, so it is natural that large players will mobilize to occupy this space... others will emerge soon.

Now these companies are acting not only as a "recreational bet" but also as a hedge to aggregate information. Does this change anything? No!!! But everything changes when DCMs are licensed and no-action is given to these structures when they are well audited. The CFTC gains KYC or AML, market integrity rules, capital requirements and supervision over a type of product that, in practice, the public has already been using on offshore platforms.

It is officially the "end of the war against crypto", I hopefully this will be replicated in more countries.