Witches Tome

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In all three, private online betting has no licensing route. Governments are tackling offshore demand through blocking, prohibition and criminal enforcement.

The contrast with land-based gambling is striking. Casinos in Morocco and Egypt operate within recognised frameworks and, in Morocco, attract international investment. Private online betting remains outside the legal market.

The scale of that unlicensed market is unclear. MDJS’ own estimate of about MAD3.5 billion a year is the only figure available. No comparable public estimate exists for Tunisia or Egypt.

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“A lot of market makers want to go where there’s liquidity,” he said, adding that platform stability and Kalshi’s investment in the financial side of its market-maker relationships were also important. “I think Kalshi is a freight train that’s just kind of running away with it.”

Aldrin monitors product changes, advertising, social media activity, app-store rankings and trading volume across prediction market operators. Patel said the objective is to connect those indicators and show how a product launch supported by advertising affects volume and market share.

Below the largest exchanges, he sees numerous operators competing for relatively small shares of a fast-growing category. “If you get 1% of this market, I think it’s a huge opportunity,” Patel said. “There are a lot of people fighting to get 1%.”

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“Inconvenience is not an excuse for inaction.”

According to Entain, the consultation included data that demonstrated 22% of consumers who use unlicensed operators first interacted with them through social media, with 13% via sponsorship.

Therefore, Entain called for the ban to cover online and digital advertising as well as physical.