Frankensteins Fortune

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The web of lawsuits and court rulings involving prediction markets has greatly complicated the issue of jurisdiction. Kalshi has been forced to limit trading in multiple states, most notably Nevada, and the CFTC has gone to unprecedented lengths to protect its licencees. This includes suing nine states directly and issuing emergency orders to reject state mandates.

CFTC Chairman Michael Selig is currently the lone sitting commissioner for an agency that traditionally features a bipartisan group of five. Selig has repeatedly defended both the legitimacy of prediction markets as financial assets and the role of the CFTC in overseeing them. The CFTC under his direction has embarked on a series of rule proposals regarding prediction markets, although detractors argue that the proposed changes still allow for sports contracts and in some ways could be seen as a tightening of the belt to make a Supreme Court review look more favourable.

“It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules,” Selig said during a meeting of the CFTC’s Innovation Advisory Committee on 20 August, which featured the CEOs of Kalshi, Polymarket, DraftKings, CME Group and more.

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“What is striking here is the level of activity that apparently failed to trigger effective intervention,” Williams says. “These were obvious indicators requiring further scrutiny, and it is difficult to understand why they did not result in more effective intervention.”

He adds that the recurring weakness is often not an absence of policies but a failure to ensure “technology, algorithms and operational processes actually work in practice”. Some of the QuinnBet issues followed a platform migration, underlining the need to retest controls whenever systems change.

As QuinnBet is also licensed in Gibraltar, Williams expects its regulator to consider the UK’s findings under the jurisdiction’s strengthened Gambling Act 2025. That would not necessarily require a second sanction, but Gibraltar must satisfy itself that any underlying weaknesses have been addressed, he says.

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The collaboration includes sponsorship rights for significant NFL events such as Super Bowl LXI and the NFL Mexico Game – a regular-season NFL matchup on 22 November 2026 in Mexico City between the San Francisco 49ers and the Minnesota Vikings. 

The deal extends to activations around the 2027 Super Bowl in Los Angeles. The companies have outlined provisions for hospitality programmes, VIP experiences, activations across several Mexican cities and official NFL merchandise opportunities for Codere Online’s customer base.

“This agreement strengthens our premium positioning while underlining our long-term commitment to Mexico, a market with an extraordinary passion for the NFL,” said Carlos Sabanza, director of sponsorships and public relations at Codere Online.