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If Bernstein’s $10 trillion prediction market turnover forecast is realized or exceeded, it’d likely prove significant in revenue terms because the research firm previously estimated that $1 trillion in yearly activity could generate as much as $10.8 billion in revenue for operators.
As has been widely documented, sports event contracts are currently the lifeblood of the prediction market industry, but Bernstein notes that won’t be the case on a permanent basis. In fact, the research firm estimates that sports derivatives’ share of industry volume will decline to 35% in 2035, indicating that the aforementioned volume increase will be led by other categories.
The research firm estimates that by 2035, financial derivatives, including event contracts linked to commodities, cryptocurrencies and stocks, will account for 49% of turnover on yes/no exchanges, topping sports to become the largest volume driver. The research firm sees event contracts tied to key performance indicators (KPIs) leading the charge.
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“Rashid operated a high-end prostitution business that transported victims across the United States, using various paid websites … to advertise the victims for prostitution purposes,” read a press release from the US attorney’s office, District of Nevada.
Prosecutors said Rashid imposed strict rules, manipulated the women, and used threats to maintain control. Some victims were encouraged to tattoo his name or image as a sign of loyalty, and many were led to believe he could advance their entertainment careers.
While appearing before Navarro on Thursday, Rashid admitted to a series of breaches of his supervised release that prosecutors said showed he had not reformed.
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George Papanier has taken on Mircheva’s role as CFO on an interim basis. Papanier will continue in his current roles as Bally’s president and a member of its board of directors.
Papanier has over 40 years of experience in the gaming industry, previously serving as CEO between February 2011 and October 2021 having first joined the company as COO in 2004.
Bally’s CEO Robeson Reeves thanked Mircheva for her contribution and expressed confidence in Papanier’s ability to ensure continuity during the transition.
