April 10 – FIFA’s new prediction market partner Adi Predictstreet has named Dimitrios Psarrakis as new CEO. Psarrakis has ties to the Qatargate corruption scandal that rocked the European Parliament.
On April 2, FIFA revealed Adi Predictstreet as a new sponsor, but the partnership has had a rocky start. Norwegian investigate magazine Josimar revealed that Psarrakis has links to the Qatargate scandal. Links Adi Predictstreet deny.
Psarrakis worked closely with Eva Kaili, a vice president of the European Parliament and member of the Greek socialist party Pasok, who was arrested by Belgian authorities on preliminary charges of corruption, money laundering and participation in a criminal organisation. He also set up the ‘Brussels Council’, a vehicle for technological innovation and global development, with Kaili, months before her arrest.
In a statement, Adi Predictstreet defended Psarrakis: “He collaborated with MP Eva Kaili until 2021, prior to her arrest. Dimitrios has never been charged with any wrongdoing. Today, he remains a globally recognized blockchain expert…”
His appointment came 24 hours after Josimar had disclosed that Adi Predictstreet point man Ajay Bhatia had been accused of insider trading in India and settled with the country’s Security & Exchange Board (SEBI).
Adi Predicstreet’s woes didn’t end there. The platform had planned to launch on Thursday, but failed to take off. At the time of writing, Adi Predictstreet had quietly removed the sign that it would launch on April 9 and remained inoperative. The prediction market platform had sought to lure potential gamblers with the opportunity of winning World Cup tickets.
In a sign-up e-mail, Adi Predictstreet promised: “Early users like you will have a head start, from unlocking rewards to helping shape the experience. FROM DAY ONE.”
“We’ll be distributing limited tickets exclusively to users through upcoming activities and engagement on the platform.”
Prediction markets remain deeply controversial. They have exploded in popularity in the past year as a form of betting. The markets allow punters to wager on just about anything – from geopolitical events to football matches, including this summer’s World Cup in the US, Mexico and Canada. They are largely unregulated in the US – and outlawed in many other jurisdictions – and have been linked to insider betting and fixing, with many noting flurries of activity surrounding unexpected political statements or actions.
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