Prediction Markets Polarise Opinion at NEXT Valletta 2026
Malta.– June 5, 2026 – www.zonadeazar.com Prediction markets emerge as one of the most debated topics at NEXT Summit Valletta 2026, generating opposing views among executives, investors and industry leaders. The discussions extend far beyond the dedicated NEXT Focus event and dominate conversations throughout the week at the conference held in Malta.
Overview
The controversy surrounding prediction markets takes centre stage during NEXT Valletta 2026. Among the most critical voices are David Carruthers and Jesper Kärrbrink, both of whom openly question any distinction between prediction markets and traditional gambling.
Carruthers argues that prediction markets should be treated as gambling unless certified otherwise, maintaining that they are fundamentally bets. Kärrbrink supports this position, agreeing that the activity does not differ substantially from traditional betting models.
Details / Context
The main debate takes place during a session featuring Christopher Dalli, CEO of L&L Europe, and Noah Traisman, CEO of Winible. The discussion quickly evolves into a clash of views regarding the future of prediction markets and how these products are perceived by both the industry and consumers.
Dalli presents one of the strongest criticisms of the peer-to-peer model used by some platforms. In his view, many consumers believe they are trading against other users when they may actually be trading against professional market makers affiliated with the platforms themselves.
According to Dalli, this reality contradicts the peer-to-peer narrative and brings the product closer to traditional models in which the house actively participates in the transaction.
Specific Topics
The Transparency Debate
One of the most discussed issues concerns transparency within the operating model. Critics argue that users do not always understand who is on the other side of a trade or the role played by market makers within the ecosystem.
The Defence of Prediction Markets
Noah Traisman defends prediction markets while simultaneously criticising traditional sports betting operators in the United States. According to his position, some companies limit or restrict successful players as soon as they identify a sustainable competitive advantage.
From this perspective, he believes the traditional betting industry is not in a position to criticise prediction markets without first examining its own commercial practices.
Bubble or Transformation?
Outside the official sessions, many participants debate the current valuations of companies such as Kalshi and Polymarket. Some investors express doubts regarding the sustainability of those valuations and compare the phenomenon to the enthusiasm surrounding online sports betting in 2021.
One investor quoted in the article goes as far as to suggest that prediction markets may not exist in their current form within three years and that sports-related markets will face significant regulatory challenges.
The Role of Regulation
Both Dalli and Traisman agree that one of the major unresolved questions is whether these platforms should be classified as gambling products or financial instruments. Both acknowledge that this issue could ultimately be decided by higher courts in the United States.
Future Outlook
Although the prevailing sentiment in Valletta appears sceptical towards prediction markets, the article suggests that the conversation may take a different tone in New York during the upcoming NEXTPredict NYC event, dedicated specifically to this sector.
The debate remains open between those who view prediction markets as a new expression of economic freedom and those who see them as an extension of traditional betting under a different structure.
With confirmed participation from executives such as DraftKings CEO Jason Robins and Kalshi co-founder Tarek Mansour, the discussion surrounding the future of prediction markets is expected to remain one of the industry’s most important topics in the months ahead.
🔗 Edited by: @_fonta www.zonadeazar.com
