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Prediction Markets Take Center Stage At Next.io Summit
Polymarket and Kalshi absent, but prediction markets still dominate discussion
Mar. 9, 2026 at 9:23pm
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The Next.io 'Emerging Verticals' Summit in New York focused heavily on the topic of prediction markets, even without the presence of major players like Polymarket and Kalshi. Panelists discussed the legal landscape and potential federal regulation, while upstart platforms like Novig and Sporttrade seek CFTC approval to offer sports event contracts nationwide.
Why it matters
Prediction markets have emerged as a controversial but potentially lucrative sector, with several legal battles playing out across the country. The summit highlighted the industry's growth and evolution, as traditional sports betting operators enter the space while newer platforms navigate the regulatory landscape.
The details
Although Polymarket and Kalshi were scheduled to participate, they were absent from the Next.io summit, instead appearing as sponsors at the FIA Global Cleared Markets Conference in Florida. Panelists discussed the likelihood of federal regulation and a Supreme Court decision on prediction markets within the next two years. Newer platforms like Novig and Sporttrade are seeking CFTC approval to offer sports event contracts nationwide, aiming to thrive outside the current CFTC-regulated prediction market space. Traditional sports betting operators have also launched their own prediction market platforms, offering contracts in states where they are not licensed for traditional sports betting.
- The Next.io 'Emerging Verticals' Summit took place on Monday, March 9, 2026.
- Polymarket and Kalshi were listed as Platinum Sponsors at the FIA Global Cleared Markets Conference in Boca Raton, Florida on the same day.
The players
Michael Wenner
Head of GTM Strategy at Polymarket.
Bill Gantz
Partner at law firm Duane Morris LP.
Jacob Fortinsky
Co-founder of prediction market platform Novig.
Robinhood
Operator of a sports prediction platform that Fortinsky criticized during the panel.
Joe Montana
NFL Hall of Famer who backs Novig.
What they’re saying
“The Supreme Court's going to sort it out, and they'll decide.”
— Bill Gantz, Partner, Duane Morris LP
“People bet on sports because it's fun. They want to put some money on their favorite team. I hate to break it to you, but the majority of sports fans in the U.S. already bet on sports. They want a better version of what already exists today.”
— Jacob Fortinsky, Co-founder, Novig
“When I first came here and met Alex, I was nervous. I was a big fan. And now, we're trading $4 billion a year.”
— Jacob Fortinsky, Co-founder, Novig
What’s next
The judge in the Kalshi case is expected to rule on whether the company can continue offering sports event contracts in the coming months.
The takeaway
Prediction markets have become a hotly contested space, with established players like Polymarket and Kalshi facing legal challenges, while newer platforms like Novig and Sporttrade seek to navigate the regulatory landscape. The industry's growth and evolution, including the entry of traditional sports betting operators, highlights the potential opportunities and risks in this emerging vertical.
