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With all that in mind, it’s not surprising that Macquarie expects sports event contracts will drive approximately 80% of taker volume this year, but Beynon sees other categories growing over the long term.

“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.

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“The largest black market operators have scaled to create recognisable brands with traffic that can compare to domestically licensed operators,” the report’s authors wrote. “The top group of sites by common owner has a 12% share of traffic, while the largest single brand has 10%.”

Beyond offering crypto payment solutions, a number of black market operators are licensed in “light touch” offshore jurisidictions which use opaque offshore operating structures to help to obscure company ownership and make local enforcement against these companies complex, the report noted.

By comparison, the long tail of smaller black market sites rely heavily on affiliates to generate traffic.

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Nolimit City has released Duck Hunters 2. The sequel pushes its take on the position-multiplier format further than the original while keeping the underlying math model intact. The story here is less about a new theme than about a studio doubling down on a mechanic that has spread rapidly across the online slots market since 2022.

Nolimit City has expanded its Duck Hunters slot franchise with the release of Duck Hunters 2, a follow-up to the original title that builds on the position multiplier mechanics that have become increasingly common across the online slot market in recent years. The new online slot retains the core multiplier-based format of its predecessor while increasing the maximum multiplier available on a single position and introducing additional bonus upgrades, feature-buy options and side-bet mechanics.

The commercial hook is scale. According to the developer, the sequel aims to deliver a more volatile experience, supported by a top payout of 40,000 times the stake. That figure sits above the original. It signals a deliberate move toward the higher end of Nolimit City’s already extreme-volatility catalog.