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On Wednesday the UK’s Advertising Standards Authority (ASA) ruled against Midnite following an investigation into a paid TikTok advertisement featuring an AI-generated character who appeared to be under the age of 25 and engaging in gambling activity.
The ASA reviewed a clip posted to TikTok in July promoting Midnite, a Gibraltar-based online casino app. The clip displayed a young-looking man using the app, accompanied by the voiceover: “Another massive World Cup upset. Bet £10 on the big match and get £30 in free bets. Level up your World Cup with Midnite, get on it.”
According to the ASA’s Code for gambling advertising, anyone who “was, or seemed to be, under 25 years of age” must not be depicted gambling or playing a significant role in advertisements.
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“It was still very much a trading kind of UX,” he said of Kalshi at the beginning of the year. “The actual product offering has come a long way.”
Andrew Gonzalez, founder of prediction market infrastructure startup ParlayX, believes the ability of small teams to provide liquidity is one of the sector’s defining features. “Anyone can be a market maker,” he said. “You have these two- or three-man shops.”
Jefferies described market makers as the ecosystem’s “liquidity backbone”. They post executable bids and offers, manage inventory and provide prices when customer activity is heavily weighted to one side.
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“The timing is right. I will become chairman emeritus and remain a director. My son, Howard, will succeed me as chairman,” Buffett told investors. “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Since the landmark Supreme Court ruling in 2018 that allowed states to legalize sports betting, gambling has become increasingly intertwined with American culture.
Paired with the recent rise of prediction markets—which allow traders to stake money on everything from sporting events to pop culture outcomes—Americans are risking more money on casino-like activities than ever before.