#3Questions: the future of Prediction Markets, with Brett Richey
This week on #3Question, we hear from Brett Richey, a CEO of BlitzPredict and a former pro-poker player.
BlitzPredit is a platform that brings transparency to the prediction market using blockchain technology for sports, e-sports and crypto bettors.
Here’s what Brett had to say:
Question 1: What do you think the future of Prediction Markets looks like?
Brett: ‘I think the future of prediction markets looks very bright. Especially as the world gets more connected and people look to engage more fully with the various events they’re following. I’m optimistic we will see low fee, global prediction markets with high liquidity in the relatively near future.’
Question 2: If or when mass-adopted, what do you think will be their main use-case?
Brett: ‘I think mass adoption will likely occur around two main categories: events and markets. Events would be markets like “Who will win the Super Bowl?” “Who will be the next President?” We are focused on events at BlitzPredict, specifically in the sports, esports, and politics verticals. Prediction markets are a great way for casual fans to interact around the events they’re interested in, and they also provide an opportunity for people to earn longterm profits.’
Question 3: What are the current challenges that need to be solved?
Brett: ‘The main challenges are technological and regulatory, which are both serious issues to be addressed. The hype of blockchain technology really got ahead of the reality in 2017, which resulted in a massive run-up and a huge crash. However, so much money and talent came into this space as a result, and it’s a collaborative environment where teams and projects are working together, so I expect to see rapid improvement on the technological side throughout 2019 and 2020.
I’m optimistic on the regulatory side as well — the regulators have shown a willingness to embrace this technology. They don’t want to stifle innovation, especially in competitive global markets, and have mainly gone after cases of clear fraud. It’s confusing and new technology so there hasn’t been the clearest guidance but overall I’m happy with how the regulators are approaching this industry.’
We would like to thank Brett Richey for taking his time to answer our questions.
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