Pharaoh Treasure

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“We continue to view regulation as the largest risk to prediction markets,” says the analyst. “While industry growth remains robust, adverse legal outcomes could materially impact sports contract availability and long-term adoption.”

Amid a string of losses in federal appellate courts, it appears increasingly prediction markets are angling to take their cases to the U.S. Supreme Court, banking that the high court will allow them to continue offering sports event contracts free of state gambling regulations.

Some legal experts and members of the investment community believe it’s possible the Supreme Court could hear a prediction market case at some point over the next six or seven months.

About Pharaoh Treasure

A former Connecticut funeral director who stole clients’ prepayments to fund his excessive gambling habit will spend the next seven and a half years in state prison.

Philip Pietras, 52, admitted to stealing from more than 170 people, many of whom are senior citizens who sought to limit the emotional and financial burdens placed on their loved ones by prepaying for their funerals. But instead of placing those funds, meant for caskets and burial services, in escrow accounts, Pietras pocketed the money to gamble.

Pietras accepted a plea deal from the state, and prosecutors expect him to enter a guilty plea on Oct. 23 and be formally sentenced on Jan. 22, 2027.

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Miller served on the forum for several years and was a key UK figure during a period when the Gambling Commission implemented extensive reforms to online gambling regulation and affordability checks. GREF expressed its gratitude for Miller’s contributions during his tenure.

Jean-Michel Costes has also left the board after concluding his role at France’s Autorité Nationale des Jeux (ANJ). 

Costes was involved with GREF at a time when numerous European regulators, including the ANJ, focused on tightening advertising regulations and boosting player protection frameworks. The forum thanked Costes for his dedicated service.