Betting exchange Sporttrade has submitted its application to become a registered prediction market with the Commodity Futures Trading Commission (CFTC).
Sporttrade submitted documents to become a designated contract market (DCM) — the same status as prediction markets like Kalshi and Polymarket’s U.S. site — last week, per its filing, and they were published by the CFTC Wednesday.
Sporttrade founder Alex Kane has made no secret of his company’s plans to apply to be a DCM, but the process of completing the application before it could be submitted took months. The business is currently licensed to offer sports betting in Arizona, Colorado, Iowa, New Jersey, and Virginia, but Kane has argued that the state licensing system is ill-suited for low-margin exchange-style businesses, as taxes and regulatory requirements make it too difficult to turn a profit.
