BetMGM CEO Adam Greenblatt has strongly criticised prediction markets, particularly event contracts. His comments came during a recent earnings call, adding to the ongoing debate within the gaming industry.
Greenblatt’s Critique of Prediction Markets
On 14 April, Adam Greenblatt voiced his disapproval of event contracts. He said these were, in effect, ‘new sports betting companies’ operating under the guise of prediction markets.
Greenblatt also claimed that these markets were driving up customer-acquisition costs.
Sustainability Concerns
According to Greenblatt, the high levels of spending currently seen are not sustainable in the long run. He believes that ‘the current climate of hyperspend’ will eventually subside.
Legal Stance
Greenblatt stated that BetMGM is aligned with 40 state attorneys general regarding this issue. He anticipates adjudication by the US Supreme Court on what he considers a states-rights matter.
The BetMGM CEO’s strong words highlight the continuing controversy surrounding prediction markets within the broader gaming landscape.