Smarkets, a betting exchange headquartered in the UK, has submitted a license application to the Commodity Futures Trading Commission and is also working toward launching sportsbook operations in Illinois,
Iowa, and Michigan. The platform has surpassed $60 billion in total lifetime trading volume and has generated over $1.2 billion so far this year, reflecting notable momentum in the betting industry.
Smarkets intends to function as a federally regulated prediction market exchange, while also adhering to state-level requirements as it works to establish a presence across the United States.