Gambling Stocks Just Crashed Despite The Super Bowl, Are Prediction Markets The New King?
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Hello there fellow Americans! Wow, we sure did have a howdy Super Bowl weekend didn’t y’all? Chips. Advertisements. Bad Bunny. And how about those players, huh? Haha, yeah, I sure watched the Big Game too.
I for one am an avid gambler too and when I’m not playing high stakes online poker, I’m looking at all the odds on the sports.
Flutter Entertainment Plc, just an example gambling site, they run FanDuel and have been on stock decline for eight weeks, the longest its had for 23 years. DraftKings is similar, down 60% from its ATH five years ago. And this is all over Super Bowl weekend, that’s normally Christmas for these people. What the hell is going on?
Well, as you probably guessed from me saying it in the title, prediction markets like Kalshi and Polymarket are muscling in on gambling sites’ turf.
It’s very simple, if you’re a gambling site, you offer games. You’re fun, you’re flashy, you’re colorful. You’re entertainment, like a casino. Now, entertainment isn’t that important, we can take it or leave it and if you’re making too much money you should probably be regulated, so, sorry, but you’ve got to get in the box.
But if you’re a prediction market, oh, well, now you’re serious, you’re sensible, clean, black and white. You’re not entertainment, no, you’re business. Never mind that you offer many of the same services and operate in a similar way, no, you are NEEDED. Alright, you can have less regulation. No box for you.
Now, technically this should be illegal. The CFTC said places like Kalshi couldn’t trade on sports, but after Trump won the election, they gave it a go anyway and the CFTC didn’t seem to mind. Well, then the floodgates were open and out poured money after money after money. Come get some.
If you want more information on this, you can read this actual article here.
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