Gibraltar Regulator Defends Predictstreet License Amid Reporting Concerns

(AsiaGameHub) –   The swift issuance of a gambling licence has drawn scrutiny amidst international concerns regarding prediction platforms.

Gibraltar.- The Gibraltar Gambling Commissioner has defended the territory’s decision to grant a gambling licence to a prediction market operator for the first time. Media outlets and other observers had questioned the speed of the approval of the licence for ADI Predictstreet, particularly as regulators in other jurisdictions are moving to block such platforms.

ADI Predictstreet is owned by Finstreet Limited, a subsidiary of Sirius International Holding, which is ultimately owned by the Abu Dhabi Royal Family. The licence was approved by the Minister for Justice, Trade and Industry, Nigel Feetham, under Gibraltar’s existing gambling legislation. This move has been presented as part of Gibraltar’s strategy to identify new revenue streams to counteract the potential impact of increased UK gaming taxes on its igaming sector.

Feetham himself highlighted the licence’s issuance in “record time” following his participation in the Consensus Hong Kong crypto and Web3 conference. This prompted questions regarding the thoroughness of the company’s vetting process.

In comments to the local media outlet GBC, Gibraltar Gambling Commissioner Andrew Lyman asserted that a due diligence process was indeed followed before the licence was approved. He stated that he recommended confirming the licence approval prior to the company’s announcement of a multi-year deal with FIFA, which occurred the following day.

ADI Predictstreet fuels further prediction market controversy

Numerous EU countries, including Germany, The Netherlands, Romania, France, and Portugal, have explicitly prohibited certain prediction platforms, such as Polymarket. Concurrently, the British Gambling Commission has adopted the stance that prediction markets would be classified as gambling under UK legislation, thus necessitating a licence from the regulator.

Reports concerning ADI Predictstreet have featured an article in the respected Norwegian investigative football magazine Josimar, under the headline “Fast and Loose.” The report notes that shortly after its launch on April 9, the company appointed Dimitrios Psarrakis as CEO. Psarrakis reportedly worked for the former European Parliament Vice President Eva Kaili, who was arrested in 2022 on corruption and money laundering charges linked to the Qatar World Cup, though she denies any wrongdoing.

Other appointments include Colin Piri, a Gibraltarian formerly employed by Wave Crest Holdings Limited, a fintech firm that faced investigation for AML failings by the Financial Services Commission. Additionally, Principal Council Member Ajay Hans Raj Bhatia settled insider trading charges in India last year without admitting liability.

It has also been pointed out that many jurisdictions typically take several months to process a gambling licence application.

“Sensationalist” reporting

Lyman characterized the controversy surrounding the company as “sensationalist” media reporting. He informed GBC that the processing times for gambling licence applications in Gibraltar can vary but generally take “weeks, not months.”

He explained that there was a “concentrated focus on the progression of this license because of the need to license before the run up to the FIFA World Cup, but speed does not mean lack of scrutiny (in fact there was a lot of focussed scrutiny).”

Regarding the legislation under which the licence was granted, he stated it was initially issued under Gibraltar’s 2005 Gambling Act and was subsequently “grandfathered” under the 2025 Act a few days later.

When asked about the impact of the publicity surrounding ADI Predictstreet, he commented: “The licensing of Predictstreet has created a lot of excitement in the business community and a lot of interest in Gibraltar as a place to license gambling or gambling derivative models. We only see negativity from journalists looking naturally for a sensationalist angle in what is a newsworthy and hotly debated area.”

He further added that “Being associated with a previous publicly reported ‘controversy’ does not necessarily lead to a conclusion of a lack of fitness and propriety or unsuitability, albeit I respect the right of journalists to speculate within the boundaries of the law of defamation.”

Gibraltar’s action follows closely on the heels of confirmation of efforts to assess the potential regulation of prediction platforms in Malta, another significant European hub for online gambling. Economy Minister Silvio Schembri indicated that the country is exploring the creation of a dedicated regulatory framework for the sector to address whether the format should be considered gambling or financial. He described the sector as experiencing strong global momentum and considerable potential for innovation.