Sports betting should be regulated as a financial product, not gambling, aspiring prediction market provider says
Novig CEO Jacob Fortinsky argues sports betting should be regulated as a financial product, not gambling, citing bans on sharp bettors.Summary
Jacob Fortinsky, CEO of Novig, argues that sports betting should be regulated as a federal financial product rather than a state-licensed casino product. He claims the legacy sportsbook model is broken because it treats winning bettors as cheaters by limiting and banning them. Fortinsky frames sports event contracts as binary financial instruments. Adam Mastrelli, founder of 57 Maiden, validated this critique, stating he and his partner were banned from two major sportsbooks for being "sharp." Mastrelli noted that his firm's edge decayed quickly, with only three of 154 proposed trading strategies currently profitable. Fortinsky said Novig is transitioning to a federal Designated Contract Market framework this summer to operate in all 50 states. He believes regulators prioritize tax revenue over consumer protection or innovation. The federal-state fight over regulation is expected to reach the Supreme Court in the next two or three years.
(Source：Coindesk Indonesia)