About this app
How to play Cannonball Riches
In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.
The order requires Raja to disclose assets worth more than £10,000 ($13,000) and limits his personal spending to no more than £5,000 ($6,700) per week without explicit consent from MFS administrators.
The UK’s Financial Conduct Authority (FCA) subsequently launched an enforcement investigation into MFS.
How to play Cannonball Riches
“Whether it’s a 10-person or 100-person fund, they log in through the same Google email and share the same login credentials, which makes no sense,” he said.
ParlayX is developing individual logins, delegated permissions and subaccounts for such teams. Other gaps include unified execution across exchanges, prime brokerage and common resolution standards.
A contract purchased on Kalshi cannot simply be transferred and sold on Polymarket, even where the two markets appear to cover the same outcome. Each exchange may also define and resolve its contracts differently, creating an additional risk for firms trading across venues.
About Cannonball Riches
Enda Kendrick, chief executive of service provider Veltium, similarly says the largest UK and European sharp-betting groups have moved rapidly into US prediction markets. He believes there are also more than 100 smaller operations, ranging from individual traders to teams of around 10, interested in entering the regulated US market.
Yet the presence of professional counterparties complicates the customer-facing idea that prediction markets merely allow users to trade opinions with one another. As Kendrick puts it, two ordinary customers are not going to place $10 million or $20 million behind the Philadelphia Eagles. Markets at that scale require institutions.
For Marantelli, the exchange format could also cause some customers to lose money faster than they would with a conventional sportsbook. The ability to enter and exit positions creates a perception of flexibility, but that optionality can encourage users to commit more of their bankroll.
