About this app
What is Prosperity Palace?
“I sometimes wish regulators would look at other cases,” he adds. “I mean, what happened in Germany, what’s happening in the UK.”
This risk is particularly apparent when many offshore operators are established brands rather than unknown entities.
“It’s not a dark alley,” he continues. “It’s a large operator that’s regulated in other places, so it’s not the risk for the player that sometimes is implied.”
How to play Prosperity Palace
Kalshi, Robinhood, Crypto.com and DraftKings’ own prediction-market operation are all competing for activity around sporting events. Beynon says prediction markets are having a larger effect on valuations than on fundamentals so far.
The existence of a new competitor does not automatically mean sportsbook revenue will collapse. But valuations do not require proof of collapse to fall. A loss of confidence in future growth can be enough.
And now sportsbooks are joining the prediction market race themselves. DraftKings has moved into the market, while Flutter is also developing its presence. That could make prediction markets an additional source of revenue rather than a straightforward threat.
What is Prosperity Palace?
The bill prohibits signs, banners, or display panels in arenas, gymnasiums, stadiums and other sports event venues. It also bans advertising on public transport, such as the side panel, exterior or the rear window of buses. The bill imposes a fine of BRL50,000 ($10,000) and a ban on hosting events for up to two years.
The proposal does not explicitly prohibit the display of betting brands on team jerseys, but some city councillors want to include this in the bill.
Clubs fear the measure will jeopardise revenue from betting company sponsorships. Corinthians (Esportes da Sorte), Palmeiras (Sportingbet), and São Paulo (Superbet) alone hold contracts worth BRL350 million annually with betting firms.
