WagerWire is primed to launch a predictions market operation in Gibraltar after its parent company Wire Industries Inc received licence approval in principle, from the market’s regulator.
The move will grant Wire Markets Ltd, Wire Industries’ predictions market subsidiary, the opportunity to establish a regulated operator in Gibraltar.
Notably, the company stated “the approval in principle” positions the company to support future expansion into other jurisdictions globally.
Gibraltar’s Minister for Justice, Trade and Industry Nigel Feetham set out plans in April for the peninsula to become among the first European jurisdictions to target and license the predictions market vertical.
He told iGB: “Gibraltar has long served as a gateway for innovative gaming businesses seeking to operate on an international stage.
“In WagerWire, we see a company with ambitions that extend well beyond a single market and a team that understands the importance of building within a robust regulatory framework. We look forward to continuing our engagement with the company through this process.”
The operator intends to establish an international base for its prediction markets operations in Gibraltar, “leveraging the jurisdiction’s regulatory framework as a springboard for global growth”, it said in a statement.
Initial activation for the product is being targeted for later this year, coinciding with the start of the NFL and international football league seasons.
A new chapter for WagerWire
WagerWire has spent several years building tech-based products that are rooted in market-based participation, from its headquarters in Los Angeles.
Launching in 2023, WagerWire was the first secondary marketplace for online sports wagering, with users able to buy and sell active sportsbook bets.
WagerWire CEO Zach Doctor described the company’s Gibraltar approval in principle as a “transformational opportunity”.
“For years, we’ve built products that challenge the status quo by introducing greater flexibility, liquidity and control into traditional sports betting, and Wire Markets represents a natural extension of that vision,” Doctor explained.
“We feel a strong alignment with Gibraltar’s vision and its longstanding reputation as the gold standard in international gaming regulation. The jurisdiction’s commitment to thoughtful innovation creates a powerful foundation for growth, and we’re excited about the opportunity to build from Gibraltar as we pursue a global vision for the future of prediction markets.”
Prediction markets in Gibraltar
Gibraltar is serving as a pioneer for predictions market regulation in Europe, becoming the first to directly license the activity on the continent.
Speaking in March, Feetham told parliament that he expects prediction markets to serve as a “substantial area of growth” in Gibraltar.
In an interview with iGB in April, Andrew Lyman, the territory’s gambling commissioner and executive director said of the move: “The jurisdiction has the agility to flex as we learn to accommodate different models. [This] does not rule out the development of a bespoke prediction market regulatory regime that is neither ‘gambling’ nor ‘financial services’.”
Meanwhile, other European jurisdictions have so far moved to explicitly ban prediction markets, with regulators in regions such as the Netherlands, France and Germany all blocking access to the prominent operator Polymarket.
Kyle Goldsmith
Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.
