Prediction Market PredictIt Launches in October—Here's What to Expect

Core Viewpoint - PredictIt, a prediction market initially focused on political forecasts, is set to launch a new exchange after receiving approval from the Commodities Futures Trading Commission (CFTC) [1][2] Company Overview - PredictIt is operated by Aristotle, a political technology and data firm based in Washington D.C., founded in 1983 by John Aristotle Phillips [4] - The platform has grown to over 400,000 active users since its launch in 2014 [4] Regulatory Developments - The CFTC approved PredictIt's applications to operate as both a designated contract market (DCM) and a derivatives clearing organization (DCO) [1][2] - Initially, PredictIt operated under a no action letter from the CFTC, allowing it to function as a not-for-profit market for event contracts without needing a DCM license [5] - In August 2022, the CFTC revoked this no action letter, citing violations of its terms, leading to a legal battle [6] - A settlement reached in July 2023 allows PredictIt to operate under the Prediction Market Research Consortium, Inc., a U.S.-based not-for-profit seeking 501(c)(3) status [7] Market Expansion Plans - The company plans to expand its market offerings beyond political forecasts, although specific details on new markets have not yet been disclosed [3]