By SectorWire desk ·
The report said that ProphetX raised $35m to scale its sports prediction-market platform. The company launched a peer-to-peer sports-event exchange the previous month.
The funding supports expansion of ProphetX’s recently launched exchange.
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Robinhood Derivatives faces a 16 October compliance deadline for Ohio’s cease-and-desist order concerning sports-event contracts.
Recipients face possible administrative, civil or criminal proceedings if they disregard the commission’s demands.
Nine prediction market platforms face Connecticut cease-and-desist orders over sports event contracts offered to residents.
Operators face unresolved gaming definitions as the CFTC deliberates and Nevada and New Jersey assert authority over sports-outcome contracts.
The orders require nine prediction market companies to stop offering sports event contracts to Connecticut residents.
Connecticut’s orders require nine platforms to halt sports event contracts and other alleged unlicensed online gambling while permitting withdrawals.