Publication Date: April 16, 2026, 08:43h.
Last Updated: April 16, 2026, 08:43h.
- FIFA’s partner Predictstreet launched yet lacks operational markets or active users
- Gibraltar issues license in “unprecedented speed” despite industry inquiries
- Connections to Qatargate spark renewed examination of regulatory practices
Gibraltar’s licensing board has justified its swift approval of a controversial new prediction platform associated with the Abu Dhabi royal family.
Nigel Feetham, Gibraltar’s Minister for Justice, Trade, and Industry, revealed on April 1 that a license for ADI Predictstreet was granted in “unprecedented speed,” emphasizing that prediction platforms represent a significant growth opportunity for The Rock.
This platform has generated controversy as FIFA announced it as the initial official partner for its upcoming “prediction market” category for the 2026 World Cup, even though it is not yet operational. The “launch” on April 9, one week following the announcement, failed as the site did not operate and remains inoperative. Currently, the platform displays no active markets, with all listings reflecting $0 wagered.
Leadership Concerns
In the meantime, investigative football website Josimar has questioned the leadership of the company. Its newly appointed CEO, Dimitrios Psarrakis, previously worked as an aide to Eva Kaili, a key figure in the Qatargate cash-for-influence scandal involving accusations of bribery by foreign states targeting European lawmakers, including Qatar. Psarrakis co-founded a tech group with Kaili shortly before her 2022 arrest, as per Josimar.
While Psarrakis hasn’t been charged with any wrongdoing, Josimar indicates that his association with the case should prompt additional examination by Gibraltar’s regulatory body.
The publication further highlights that Colin Piri, Predictstreet’s officer responsible for anti-money laundering compliance, was previously employed by fintech company Wave Crest Holdings, which received a £250,000 fine from Gibraltar’s regulator in December 2018 for anti-money laundering violations. However, Piri himself has not been accused of any misconduct.
Criticism of ‘Sensationalist’ Reporting
In remarks to the Gibraltar Broadcasting Corporation (GBC), Feetham criticized the media’s approach as sensationalist.
“Certain journalists are prone to sensationalism in their coverage of prediction markets, despite their increasing significance globally,” Feetham commented. “If we are genuinely committed to economic advancement in Gibraltar, we cannot afford to delay engagement with emerging sectors.”
Gambling Commissioner Andrew Lynham echoed these sentiments, casting aside the surrounding controversy.
“The processing time for license applications can differ – typically ranging from weeks to months, influenced by the circumstances and quality of applications,” he explained to the GBC. “The expedited focus on this license was necessitated by the approach of the FIFA World Cup, but a rapid process does not imply insufficient review – in fact, extensive scrutiny was dedicated.”