Crypto.com and Novig sue Missouri over sports betting regulations

[MaxRoman]

Prediction market industry are fairly new and the law around it is not concrete enough so there are confusion if countries/state would classify it as a good ol sport betting site that requires a license. These prediction market businesses are insisting it is different which doesn't need a license and states like Missouri wants to ofcourse gain something from it that's why they are requiring a license.

Sooner or later we will see a newly formed law on how these prediction market be classified. If somehow these businesses who are offering a prediction market acquired a license to abide the demand of Missouri, there's a high chance that other state and countries will do it as well.

If Coinbase, crypto.com, robinhood and others realized that it's not getting enough revenue vs the actual licenses they need, I'm sure they will just remove the prediction market on their websites and just stick to their original business line.

This whole case made me think it could end up creating a new type of license. That happens from time to time when a case shows the laws need amendments. These platforms make enough money that buying licenses shouldn't be a problem for them. The main thing is pushing through their own terms.

[Hispo]

...

This whole case made me think it could end up creating a new type of license. That happens from time to time when a case shows the laws need amendments. These platforms make enough money that buying licenses shouldn't be a problem for them. The main thing is pushing through their own terms.

There is a problem though.
Many people speculate there are very powerful lobbies in Washington which are being controles by American bookies and casinos, those lobbies are in place in order to attack prediction markets, as they take volume away from bookies.

For FIAT bookies and casinos is more convenient to get prediction markets banned instead of them turning into commercial competitors.

That is why I feel it would berry unlikely for American regulators to give some kind of gambling license to prediction markets.