SBC Summit panels debate prediction markets' gambling status
At SBC Summit in Lisbon, lawyers from Betr, Kalshi and Crypto.com clashed over how prediction markets will fare at the US Supreme Court, as organisers also confirmed Snoop Dogg as next year's headline guest.
Legal representatives from Betr, Kalshi and Crypto.com used the final day of SBC Summit in Lisbon to set out competing views on whether sports prediction markets amount to gambling, and on how the sector might fare if the question reaches the US Supreme Court.
The panel, titled "The legal conundrum: are prediction markets gambling?", ran at the Global Prediction Markets Forum at the Myriad Hotel and was moderated by Quirino Mancini of the International Masters of Gaming Law, according to SBC Americas.
Matt Kane, head of legal at Betr, told the panel his company was more diversified than Kalshi and better placed to withstand whatever the Supreme Court eventually decides. He pointed to a run of 14 consecutive federal decisions that have favoured individual states in their disputes with prediction markets operators.
"That's something that the exchanges will have to confront as it goes toward the Supreme Court," Kane said, according to SBC Americas.
The panellists spent more time outlining where their approaches diverge than discussing any shared strategy, with Kane arguing that cooperation between prediction markets and incumbent sportsbooks will be difficult to achieve. "I think it's going to be very difficult for the traditional sportsbooks to align with the prediction markets," he said.
A separate session, "Spot the difference: prediction markets vs sports books", examined how far prediction markets have already reshaped sportsbook operators' thinking. The panel was moderated by SBC Americas editor Adam Candee and featured Bernard Marantelli, founder of White Swan Data, which SBC Americas describes as one of the highest-volume market makers active on US prediction markets.
Also on the panel were Travis Geiger, founder of WagerWire; Alex Gowan, chief growth officer at Matchbook; and Adam Kalmanson, vice president of sales at Plaee. The discussion covered how prediction markets have altered the competitive landscape for sportsbooks and the further changes operators expect as the category matures.
Away from the legal and market-structure sessions, SBC Summit organisers used the midday slot to confirm their headline guest for the 2027 edition of the show in Lisbon. A short video played to attendees in Hall 1 revealed that Snoop Dogg will appear at next year's event, in partnership with Kerma Games.
The announcement follows this year's appearance by basketball figure Michael Jordan, whose presence had set a high bar for star power at the industry's largest annual gathering, according to SBC Americas.
SBC Summit's third day also included continued coverage of the Global Prediction Markets Forum sessions, part of a broader programme that saw operators, exchanges and legal specialists debate the regulatory path facing prediction markets in the United States and Europe.