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Kelley also cited improvements at Robinhood as a possible factor for the regression at Kalshi. Just before the NFL season, Robinhood took a minority stake in Crypto.com and struck a deal to begin routing NFL contracts to OG.com, the site’s regulated prediction market platform.

A 40% weekly increase at Crypto.com combined with the attrition at Kalshi may reflect the enormity of the Robinhood deal, according to Kelley.

With all activity, beyond just football, Crypto.com recorded trading volume of $350 million for the week, figures from The PM Pulse show. The newsletter, which is in partnership with Aldrin Research for monitoring industry trends, indicated that Crypto saw weekly growth of 41%. While Kalshi and Polymarket accounted for more than $15 billion in weekly volume, four others recorded activity of at least $300 million. Buoyed by a popular Sydney Sweeney ad, Novig increased volume by nearly 34% on the week.

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The gaming giant left for greener pastures in the US, expecting to benefit from higher valuations in the most liquid equity market. But analysts have noted a similar downward trend in Flutter’s share price over time.

Down around 60% in a year, the risk is it becomes just another mid-tier consumer stock on a bigger exchange. “Deeper water doesn’t help if the current is moving somewhere else,” Corfai’s Ben Robinson recently said of Flutter’s stock price.

Nicole cut her teeth in local news rooms at home in Gibraltar, and helped to establish the peninsula’s first online-only broadcaster.

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“Why not use the dataset I already have on gambling sites to map the most problematic ones, identify how they are connected and build a deeper picture of the networks behind them?” That thought process eventually gave birth to Trace2Trace.

Trace2Trace is relatively new, but Madsen says its underlying dataset has already grown to around 620,000. And it continues to grow, highlighting the scale of illegal operations in the gambling industry.

“We receive around 7,000 domains a day on average through the lists we monitor, including new and cloned sites,” he explains.