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Strip away the language of contracts, order books and event trading and Bernard Marantelli has a blunt description of what is happening inside US sports prediction markets. “Kalshi is a sportsbook that’s just not allowed to have an in-house risk team,” says the founder of White Swan Data, one of the specialist firms now making markets on prediction exchanges.
The difference is all about the risk function. A sportsbook employs traders to price bets and manage its exposure. An exchange provides an API through which firms compete to quote prices and supply liquidity.
“Here’s an API. Bernard and 88 other people can market-make all these request-for-quotes (RFQs),” Marantelli says. “Some people might come in and just do esports because they’re esports experts. Others do everything. Some focus on same-game parlays. But it’s a sportsbook.”
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“I’m trying to address every stage: prevention, support for people who are already struggling, and then action against the illegal sites.”
He does not believe illegal gambling can simply be eliminated. But he believes it can be made harder to operate. That may be the more realistic role for companies such as Trace2Trace as the illegal market evolves: not replacing regulators or enforcement agencies, but providing the intelligence needed to see beyond the individual URL. For Madsen, the motivation remains deeply personal: “I know very well what gambling addiction can do to people.”
The emergence of his company along with a string of others reflects a growing need in the industry: as illegal operators become more adept at moving, cloning and disguising their online presence, enforcement may increasingly depend on understanding the deep workings of the networks behind the screen.
About Royal Teenpatti - RTP
Entain highlighted that 11 of 20 Premier League clubs currently hold sponsorship or advertising arrangements with gambling operators lacking a Gambling Commission license—up from government estimates of eight clubs during the 2025/26 season.
“The government made clear in February that it would bring in a ban and it should do so immediately,” said Entain CEO Stella David, noting that clubs entering new agreements had already been warned. “Inconvenience is not an excuse for inaction.”
Entain cited third-party analysis forecasting that bets placed by UK consumers with unlicensed operators could skyrocket from £17 billion ($22.8 billion) in 2025 to more than £33 billion ($44.2 billion) by 2028 if left unchecked.
