Sports Market ProphetX Seeks US Oversight to Expand Nationwide

ProphetX is applying to go nationwide in the US and take on its rivals in the booming industry for sports-themed prediction markets and wagering.

The New York-based company said it filed applications with the Commodity Futures Trading Commission to launch a full-scale exchange and clearinghouse. It’s a pivot away from seven-year-old ProphetX’s state-by-state licensing approach, after the firm’s co-founders realized the model wasn’t scalable, according to Chief Executive Officer Dean Sisun. The firm currently operates in about 40 US states.

The change will position ProphetX to compete more directly with an array of competitors, including prediction markets like Kalshi Inc. ...