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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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On defense, Las Vegas generated five sacks in Week 1, led by Maxx Crosby and Kwity Paye—a promising matchup against a Chargers unit that struggled to protect Justin Herbert during a 26-14 loss to the Arizona Cardinals.
The Las Vegas Athletics announced a multi-year partnership with Circa Resort & Casino and Circa Sports on Thursday. The MLB franchise is set to move from Oakland ahead of the 2028 season to a new $2 billion stadium on the Las Vegas Strip.
Circa was named the club’s first Founding Partner and an Official Resort and Sportsbook of the Las Vegas Athletics and Las Vegas Athletics Ballpark.
How to play Flip Royale
“So we just see creating one of the biggest groups in the world in gaming terms. And we’ll be sharing the long-term plan that Lottomatica has, which is very attractive. So I mean, the risk is minor, and we feel very well protected and joining this long-term plan will be a plus to our people.”
Lottomatica will absorb Cirsa through an EU cross-border merger, with Lottomatica as the surviving entity.
Angelozzi was asked about previous cross-border M&A that had failed to deliver on initial expectations and why he felt this time was different.
