Predictstreet Under Fire: FIFA Partner’s “Record Timing” License Probed

• FIFA partner Predictstreet launched without functioning markets or active users
  
• Gibraltar granted licence in “record timing” despite industry concerns
  
• Leadership links to Qatargate raise fresh scrutiny over regulatory oversight

Gibraltar’s licensing authority has defended its decision to approve a controversial new prediction platform linked to the Abu Dhabi royal family in lightning-quick time.

Nigel Feetham, Gibraltar’s Minister for Justice, Trade, and Industry announced on April 1 that the license for ADI Predictstreet had been granted with “record timing,” as he hailed prediction platforms as a substantial area of growth for The Rock.

But the platform is controversial because it was announced by FIFA as the first official partner in its new “prediction market” category for the 2026 World Cup, despite not being operational.

One week after its “launch,” Predictstreet’s platform is still dead, showing $0 in betting activity.

Questions Over Leadership

Meanwhile, investigative soccer website Josimar has raised questions about the company’s leadership.

Its new CEO, Dimitrios Psarrakis, is a former aide to Eva Kaili, a central figure in the ‘Qatargate’ scandal – a cash-for-influence investigation into alleged bribery by foreign states including Qatar targeting European lawmakers.

Psarrakis co-founded a technology group with Kaili shortly before her arrest in 2022, according to Josimar.

The outlet also notes that Colin Piri, who serves as Predictstreet’s money laundering reporting officer, responsible for overseeing the company’s anti-money laundering compliance, was once employed by fintech company Wave Crest Holdings.

WaveCrest was fined £250,000 by Gibraltar’s regulator in December 2018 for anti-money laundering failures, although, again, Piri was not accused of wrongdoing.

‘Sensationalist’ Reporting

In a statement to the Gibraltar Broadcasting Corporation (GBC), Feetham described the reporting as sensationalist.

There has been a tendency by certain journalists to focus on sensationalism in coverage of prediction markets, despite their growing relevance globally,” Feetham said. “If we are serious about economic growth in Gibraltar, we cannot afford to delay engagement with emerging industries.”

Addressing speculation, Gibraltar Gambling Commissioner Andrew Lyman was also dismissive of the controversy.

“License applications vary in the amount of time they take to process – generally weeks not months, but circumstances and quality of applications vary,” he told the GBC.

“There was a concentrated focus on the progression of this license because of the need to license before the run up to the FIFA World cup, but speed does not mean lack of scrutiny – in fact, there was a lot of focused scrutiny,” he added.