Frightening Frankie

What is Frightening Frankie?

While sports event contracts are currently the tentpole category for the prediction market industry, data indicate bettors and traders are embracing other categories.

Fullstory points out that while 62% of consumers have dabbled in sports event contracts, 42% traded economic or financial derivatives on a prediction market while a comparable percentage transacted in an election or political event contract. More than a quarter traded at least one entertainment or pop culture derivative.

That widening breadth is vital for the industry at a time when some analysts estimate volume could jump to $10 trillion by 2035 – a projection that is largely rooted in other categories surpassing sports for the top spot.  

About Frightening Frankie

Law enforcement investigators uncovered a mountain of alleged theft. As the news spread, clients began requesting escrow statements, only to find that their funds were never deposited.

Prosecutors alleged that Pietras was stealing the funeral money to fund his gambling addiction. Law enforcement found that Pietras made more than 800 casino trips over a 14-year period.

Casino records for his player’s card suggested he lost over $1.2 million at Mohegan Sun. He’s also reported to have gambled extensively at Foxwoods Resort Casino and MGM Springfield in Massachusetts.

About Frightening Frankie

They took the dispute to international arbitration, claiming Laos had violated investment treaties protecting their businesses.

The two sides reached a settlement in 2014, but that agreement also fell apart, and the casino companies renewed their claims.

Ultimately, the gamble backfired.