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How to play Fire Tale
Strip away the language of contracts, order books and event trading and Bernard Marantelli has a blunt description of what is happening inside US sports prediction markets. “Kalshi is a sportsbook that’s just not allowed to have an in-house risk team,” says the founder of White Swan Data, one of the specialist firms now making markets on prediction exchanges.
The difference is all about the risk function. A sportsbook employs traders to price bets and manage its exposure. An exchange provides an API through which firms compete to quote prices and supply liquidity.
“Here’s an API. Bernard and 88 other people can market-make all these request-for-quotes (RFQs),” Marantelli says. “Some people might come in and just do esports because they’re esports experts. Others do everything. Some focus on same-game parlays. But it’s a sportsbook.”
About Fire Tale
Early Monday, Sept. 14, police tracked phones linked to the men to BB’s B.F.E. Bar & Grill in Latham, roughly 25 miles northwest of Decatur.
The Logan County Sheriff’s Office responded to check the venue and confirmed a break-in: power to the building had been cut, an ATM opened, and multiple video gaming terminals smashed and emptied of cash, according to affidavits.
Heckman and Ziemer were arrested later that morning. Subsequent searches uncovered burglary tools, gaming-machine cash boxes, a stolen Hyundai that had allegedly been repainted from red to black, and other stolen equipment, according to police.
How to play Fire Tale
Under the terms of the agreement, Merkur will acquire 95% of Casigrangi, while DOFA will retain a 5% interest, subject to reciprocal put and call options exercisable in the future.
Casigrangi currently holds approximately 4,135,434 shares in SFC, amounting to 81.2% of its capital and voting rights based on figures from 31 October 2025.
Merkur has agreed to pay an effective price of €6.19 per SFC share for the stake, representing a substantial premium over recent market valuations.
