Fish Sorting Master

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CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said. 

A new type of Designated Contract Market (DCM) dedicated to crypto trading is among the elements being looked at. Selig’s approach would enable existing and perhaps new crypto exchanges to gain CFTC recognition and offer leveraged or margined digital asset products under rules tailored for the sector.

However, the latest filing does not create such a system right away. Its OIRA entry describes the action as a preliminary measure and says it is not economically significant under the relevant review criteria. No legal deadline has been listed for review either. 

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Given the rise of prediction markets, this week arguably represents the most frenzied campaign since the historic PASPA decision in 2018. Buttressed by massive capital injection from substantial funding rounds, operators have spent handsomely on celebrity endorsements. Over the last week, ads featuring LeBron James, Sydney Sweeney, Marshawn Lynch and Jeremy Piven have showered the airwaves. Even Pete Sampras, who disappeared from the public spotlight for the better part of two decades, resurfaced in a US Open spot for Kalshi.

While Polymarket pulled off a coup with the signings of James, Eli Manning and Derek Jeter, a Novig ad featuring Sweeney arguably received as much fanfare. Sweeney, an Emmy Award-nominated actress known for her role in HBO’s Euphoria series, stars in the spot titled “Just Sports.” As of Friday afternoon, the Novig post on social media platform X received at least nine million views.

Throughout the ad, Novig throws shade on its rivals for offering niche markets on events such as the timeframe for when traders believe that Venezuelan President Nicolás Maduro will be removed from office. Unlike operators such as Kalshi and Polymarket, Novig has opted to limit its offerings to purely sports. “No betting on wars, or deaths…or politics,” Sweeney mused.

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Analysts remain bullish on the operator’s future following its H1 earnings report. A Goodbody note dated 13 August hailed “another positive update, with H1 adjusted EBITDA landing comfortably ahead of expectations”.

UK&I continues to be a “standout performance” said the note, as Entain sits comfortably ahead of its peers and appears to be seizing market share, amid fallout from the UK’s remote gaming duty tax hike in April.

In a 14 August note from UBS, the investment bank reiterated its buy rating for Entain. “Overall, we believe Entain shares offer the highest theoretical upside potential within the European gaming sector, albeit with a risk profile that remains elevated relative to peers,” the note went on to say.