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“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.

“We continue to view regulation as the largest risk to prediction markets,” says the analyst. “While industry growth remains robust, adverse legal outcomes could materially impact sports contract availability and long-term adoption.”

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In June, Grasso wrote an opinion piece in the Chicago Tribune criticizing what he described as media coverage that unfairly associates Italian Americans with organized crime. However, he did not directly name Rovito in the piece.

“I’ve sadly watched some members of the Chicago news media stigmatize Italian Americans as Outfit members or mafia operatives whenever it serves to embellish a story,” Grasso wrote. 

“The Outfit still sells, pathetically. It’s time that it stops. Or as I like to say: Basta. Enough.”

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HLTV corroborated this, highlighting its editorial tone as adult-oriented.

The ASA reviewed whether the ads were directed at under-18s through their placement or content. Its rules prohibit advertising through media where more than 25% of the audience is likely to be under 18. 

While the audience data did not conclusively define the website’s age demographics, the regulator noted small percentages of under-18s in HLTV’s social channels but found the website’s content and presentation clearly targeted adults.