Episode Details

Prediction markets are going all-in on self-built infrastructure, with big players like Robinhood, DraftKings, and Coinbase rolling their own trading, clearing, and brokerage systems — sparking a wave of potential buyouts across crypto, sports betting, and traditional exchanges. The move lets them keep more profits, speed up innovation, and dodge third-party fees. But it’s creating a regulatory nightmare: blending finance and gambling blurs legal lines, triggering bans and lawsuits as states and federal agencies clash over jurisdiction. While the business case is strong, major deals are on hold until courts finally define where financial derivatives end and gambling begins — making this the industry’s biggest waiting game yet.

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