IG Group chief executive Breon Corcoran told analysts that regulatory uncertainty around prediction markets creates “some risk”, according to a media report. The report also said he described the $1.3bn acquisition of Underdog as focused on product strength and its team.
IG’s chief executive identified regulatory uncertainty as a risk for the group’s prediction-market exposure.
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Reportedly, IG Group has applied to the UKGC for a sports betting licence. The application follows its acquisition of US prediction market Underdog earlier this year.
IG Group chief executive Breon Corcoran expects clarity on prediction markets sooner than previously anticipated. Corcoran said the company was prepared for a potential adverse Supreme Court ruling on sports event contracts.
PrizePicks launched PrizePicks Packs on 21 October in all 50 states and Washington, D.C., and OG.com introduced OG.com Rips eight days later, the companies said. PrizePicks offers packs priced from $1 to $2,500; OG.com offers NFL, NBA, MLB and Pokémon packs. OG.com said its product is not regulated by the CFTC.
PrizePicks launched digital card packs on Oct. 21 across all 50 states and Washington, D.C., followed eight days later by Crypto.com-affiliated OG.com.
Underdog announced it would discontinue fantasy sports drafts in seven states in favour of prediction markets. The report places the decision amid disputes over prediction markets’ legality in some states.
France's competition authority has approved Banijay's planned acquisition of casino operator Joa without conditions. The review, the authority's first of a gambling transaction spanning online and land-based operations, focused mainly on poker and concluded that the deal was unlikely to restrict competition. The authority said its assessment did not account for possible future legalisation of online casino games.