A major UK-based betting platform is preparing to expand into the United States by transforming its service into a regulated prediction market. The company has submitted an application to the Commodity Futures Trading Commission (CFTC) seeking approval to operate as both a designated contract market and a clearing organization.
Founded in 2008, the platform has developed its own end-to-end infrastructure to support trading activity. Its system includes proprietary technology for matching bets, an internal market-making mechanism, integrated payment processing, and a settlement framework designed to finalize contracts efficiently.
According to company data, the venue has handled more than $50 billion in cumulative trading activity since launch, with annual volume reaching as much as $3 billion. One of the platform’s defining characteristics is its reliance on open-market price discovery, rather than traditional centralized order books or automated liquidity models commonly used in digital asset markets.
U.S. regulators now have up to 180 days to evaluate the application and either approve it or issue a rejection with detailed feedback. A similar regulatory pathway was previously used by the country’s first officially licensed prediction market, which secured authorization under the same designated contract market framework overseen by the CFTC.
Company leadership believes the timing is ideal for entering the American market, pointing to growing interest in prediction-based financial products. The firm’s chief executive said the industry in the United States is currently searching for workable regulatory standards and argued that collaboration with authorities — rather than operating outside the regulatory perimeter — is key to building a sustainable market.
Uncertain Regulatory Landscape
Despite rising interest, prediction markets in the United States remain in a regulatory gray zone. Comprehensive rules for the sector have yet to be finalized, leaving platforms navigating a patchwork of interpretations.
Recently, the CFTC submitted a draft proposal to the White House intended to address this area. The proposal draws from broader legislation designed to define the structure of digital asset markets but stops short of offering detailed guidelines specifically tailored to prediction contracts.
Meanwhile, several providers of event-based trading contracts have encountered regulatory challenges at the state level. Federal regulators have signaled they are prepared to defend their authority in court if necessary, maintaining that oversight of prediction markets falls squarely within the CFTC’s jurisdiction.
