Gibraltar Has Two Prediction Market Firms, More Applicants

The meeting at the Sunborn Gibraltar brought regulators, lawyers and industry representatives together. Feetham, the territory’s Minister for Justice, Trade and Industry, spoke on Tuesday.

No Third Name on the Register

The Gambling Division’s register contains two entries:

1. Predict Street Limited – PMA01;
2. Wire Alternative Markets Limited – PMA02.

Neither entry gives an authorization date. The list had two names before the summit and remains unchanged as of November 12.

Predict Street entered Gibraltar’s licensing system earlier this year. 15M reported its initial approval in April, before the territory introduced separate prediction market regulations in July.

Feetham addressed a different concern at the conference: how far a Gibraltar authorisation actually reaches.

"Nor should anyone assume that authorisation in Gibraltar automatically permits an operator to offer its products in every other country," he said, according to the Gibraltar Chronicle.

The Fixed Fees Add Up to £130,000

Gibraltar settled the costs back in August. Under its Prediction Market (Fees and Duties) Regulations, the charges are:

• Application – £30,000 (€35,877);
• Annual authorization – £100,000 (€119,591);
• Duty – 0.15% of the commission charged by the operator.

The two fixed fees total £130,000 (€155,469) for a successful new applicant. Conversions use the ECB reference rate for November 11.

The duty is calculated on commissions. Trading volume itself is not the tax base. The next update to watch is the regulator’s register: a third name would confirm that another application has cleared the approval process.