Hot Sake

What is Hot Sake?

“He steps into the interim role supported by an experienced finance organisation and I am confident that our reporting, controls and capital markets work will continue without disruption.”

Bally’s shares plunged 26% on 17 August despite a solid Q2 in which group revenue rose by 20% year-on-year to €792.2 million.

The share price came under pressure following debt disclosures in Bally’s Q2 10-Q filing, which was submitted to the Securities and Exchange Commission on 14 August.

What is Hot Sake?

The legal wrangling extends to Michigan, where Attorney General Dana Nessel has rejected Polymarket and the CFTC’s arguments that the Michigan Gaming Control Board has no regulatory authority over prediction markets, even the ones allowing traders to buy and sell shares of sports outcomes.

Since returning its prediction market to the US, Polymarket has regularly engaged in nonconforming advertising. Painting a water tower in the company’s blue and branding the structure with its logo is the firm’s latest marketing ploy.

In March, Polymarket opened The Situation Room, a pop-up “newsbar” in Washington, DC. The bar and lounge’s televisions played various content related to prediction markets, like Bloomberg Terminals, cable news, and live social media feeds that were “dedicated to monitoring the situation.”

How to play Hot Sake

In May, the NFL sent a letter to the US Commodity Futures Trading Commission with a list of certain event contracts it deemed objectionable. By July, the league doubled down with public comments to the CFTC after the agency issued draft regulations for the contracts. The NFL cited props on player injuries, penalty totals and missed field goals as those that fit the bill. Goodell, however, conceded that the NFL has held discussions regarding prediction markets as public policy evolves.

Two other leagues, Major League Baseball and the National Hockey League, have each signed a Memorandum of Understanding with the CFTC that allows participating teams to partner with the operators.

“We don’t think we have to be first in this, we feel like we’re going to be right,” Goodell said. “The best thing to do is be patient and make sure you keep the integrity of the game number one.”